KRN Heat Exchanger and Refrigeration Limited — Investor Meet, 12-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

KRN Heat Exchanger delivered robust Q3 FY26 consolidated performance: Total income climbed 33% YoY to INR155 Cr, EBITDA surged to INR31 Cr, and net profit increased 65% to INR23 Cr. Management expressed confidence in future growth, fueled by strong HVAC demand. The new facility, opening March 11, is ramping up, targeting 20% utilization in Q4 and 50% next year. The newly acquired bus AC business has begun OEM supply, aiming for 15% of India's >INR1000 Cr market next year. Data centers currently contribute 15% to topline, with KRN targeting 50% of India's heat exchanger demand for this segment in 3-4 years. Exports to US/Europe are gaining traction post-tariff adjustments. KRN effectively manages raw material volatility with 2.5 months inventory, often seeing inventory gains. Sentiment is bullish on execution and expansion.