KRN Heat Exchanger and Refrigeration Delivers 2X Growth: H1 FY27 Revenue Up 114%, PAT Up 127%, Exports Nearly Triple

• Revenue from operations rose 113.75% to ₹571.45 Cr in H1 FY27, up from ₹267.35 Cr in H1 FY26.
• EBITDA grew 104.40% to ₹97.81 Cr, up from ₹47.85 Cr in H1 FY26.
• EBITDA margin was 17.12%, down 78 bps from 17.90% in H1 FY26.
• Net profit increased 126.68% to ₹69.01 Cr, up from ₹30.44 Cr in H1 FY26.
• Net profit margin improved 69 bps to 12.08%, up from 11.39% in H1 FY26.

EBITDA excludes other income, and EBITDA margin is calculated on revenue from operations.

Export highlights – H1 FY27

• Export revenue rose 192% YoY to ₹125.8 Cr, making up 22% of total revenue (16% in H1 FY26)
• The USA was the largest market at 43.7% of export revenue (₹55.0 Cr)
• Canada contributed 12.8% (₹16.1 Cr)
• France contributed 12.7% (₹15.9 Cr)
• The UK contributed 7.9% (₹10.0 Cr)
• Italy contributed 7.6% (₹9.6 Cr)
• The top five markets made up about 85% of export revenue
• The rest came from markets including the UAE, Vietnam, Sri Lanka, Brazil and Nepal

Commenting on the Performance, Mr. Santosh Kumar Yadav, Chairman & Managing Director of KRN Heat Exchanger and Refrigeration Limited, said, “The first half of FY27 has been a strong period for KRN. Revenue and profit have both more than doubled year-on-year, with the business growing across customers, products and geographies. Our expanded manufacturing capabilities at Neemrana are giving us the scale to take on larger programmes. More customers are being qualified, and our product range keeps getting wider, and we still have room to grow into, which supports our growth plans for the years ahead.

We are also encouraged by how we have grown in international markets. Exports have grown several times over and now make up a much larger part of our business. Customers in North America and Europe are giving us more business, and new customers in the data centre segment have started working with us. Data centre cooling is becoming an important growth engine for KRN, and customers are planning and placing orders well in advance. We are also developing products for liquid cooling as the technology moves that way. In bus air conditioning, we have started supplies to an OEM and are steadily adding customers, which gives us another area to grow in.

Looking ahead, we are optimistic about the opportunities in front of us. Demand for HVAC and refrigeration solutions keeps growing across data centres, infrastructure, mobility and industrial cooling. We are strengthening our teams and systems so that we can scale with discipline. With a stronger balance sheet, larger capacity and a wider customer base, KRN is well placed to keep growing in the quarters ahead.”

About KRN Heat Exchanger and Refrigeration Limited

KRN Heat Exchanger and Refrigeration Limited (KRN, the “Company”) was founded in 2017 in Neemrana, Rajasthan. It manufactures aluminium and copper fin and tube heat exchangers, including water coils, condenser coils and evaporator coils. OEMs in the HVAC&R industry use its products for heating, ventilation, air conditioning, and refrigeration.

The Company’s engineering team has over 20 years of industry experience. It builds customised, durable products that meet international quality standards, and KRN uses this expertise to focus on product quality and manufacturing processes.

In FY26, the Company reported consolidated revenue of ₹600.06 Cr, EBITDA of ₹112.48 Cr and net profit of ₹76.47 Cr.

Disclaimer: Certain statements in this document that are not historical facts are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.