KRN Heat Exchanger and Refrigeration Ltd
KRN Heat Exchanger and Refrigeration Q3 FY25 earnings call: Revenue & Margins
Q3 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Plans to achieve 5-6x revenue growth in the next 3 years starting from FY25. The company expects 5-6x growth in turnover with the full utilization of new 6x capacity facility over the next 3 years.
From KRN Heat Exchanger and Refrigeration Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Plans to achieve 5-6x revenue growth in the next 3 years starting from FY25.
- Mass production of expanded capacity expected from mid of next financial year; proto production starts early next year.
- Capacity utilization expected to grow roughly linearly over 3 years to full capacity.
- Growth driven by addition of new customers (domestic and export), new products (about 4-5 new products), and increased orders from existing clients.
- Domestic customers (existing + new) and export customers (existing + new) expected to contribute equally (~50% each) towards growth.
- Current capacity constraints limit ability to supply some new customers, which will ease after capacity expansion.
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Profitability & Margins
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Capital Expenditure Plans
- A major capacity expansion is underway with an investment of over INR 300 crores under subsidiary KRN HVAC Products Pvt. Ltd. located in Neemrana, Rajasthan.
- The new facility includes 4 SAD units; 2 mostly complete, 3rd nearing completion, and 4th expected to complete soon.
- Machinery installation for bar and plate heat exchangers is in progress; proto production expected to begin April 2025.
- The expansion will increase production capacity by 6x compared to existing facilities.
- Mass production from the new facility is planned for the second half of FY 2026 after training and quality systems are established.
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Top-ranked in Industrial Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- The company operates on a rolling order book system, with customers providing forecasts for 2 months and purchase orders (POs) for 1 month.
- Orders are based on actual customer production needs rather than fixed long-term contracts.
- Capacity constraints have limited the ability to add new customers and product orders.
- There are soft commitments and sample approvals from new customers, particularly for export and new products, awaiting mass production capacity.
- The company is actively engaging with new and existing customers through exhibitions and facility visits to convert soft commitments into firm orders.
- Top customers show significant demand potential, some with annual requirements exceeding INR 50-100 crores.
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KRN Heat Exchanger and Refrigeration Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹179 Cr, net profit ₹23 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What KRN Heat Exchan's management said in earlier quarters
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Frequently Asked Questions
What were KRN Heat Exchanger and Refrigeration Ltd Q3 FY25 results?
Plans to achieve 5-6x revenue growth in the next 3 years starting from FY25. The company expects 5-6x growth in turnover with the full utilization of new 6x capacity facility over the next 3 years.
What is KRN Heat Exchanger and Refrigeration Ltd share price analysis?
KRN Heat Exchanger and Refrigeration Ltd currently shows a neutral. The stock trades at a P/E of 103.9 with a market cap of ₹7,945 Cr. Investors should review the full earnings analysis for detailed insights.
Is KRN Heat Exchanger and Refrigeration Ltd planning capital expenditure?
A major capacity expansion is underway with an investment of over INR 300 crores under subsidiary KRN HVAC Products Pvt.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.