KRN Heat Exchanger And Refrigeration Ltd

KRN Heat Exchanger And Refrigeration Limited — Trading Window closed from 1st October, 2026 till 48 hours after declaration of un-audited financial results for the quarter and half year ending 30th September, 2026

agm details

• AGM held Friday, 25 September 2026 at 3:00 PM IST via Video Conferencing.
• Remote e-Voting and e-Voting used; Scrutinizer's Report dated 26 September 2026.
• All five resolutions approved by Members with requisite majority.
• Voting results and Scrutinizer's Report will be available on the company website.

key resolutions and outcomes

• Adoption of financial statements and Board reports for year ended 31 March 2026 — passed.
• Re-appointment of Mr. Manohar Lal, who retires by rotation — approved.
• Remuneration payable to Cost Auditor for year ended 31 March 2026 — approved.
• Remuneration revision for Director (Chairman and Managing) — approved.
• Remuneration revision for Whole-Time Director — approved.

AGM Details

• AGM held on 25 Sep 2026 at 3:00 PM IST via VC/OAVM.

Key Resolutions

• Adopt standalone and consolidated financial statements (Ordinary Resolution).
• Re-appoint Manoh Lal (DIN 10040507) on rotation (Ordinary Resolution).
• Ratify remuneration payable to Cost Auditor for FY 2026-27 (Ordinary).
• Approve remuneration revision of Santosh Kumar Yadav, MD (Special).
• Approve remuneration revision of Anju Devi, Whole-time Director (Special).

Voting Results

• Voting results to be reported with Scrutiniser’s Report by 28 Sep 2026.

Director Changes

• Director Manoh Lal re-appointed by rotation.

Auditor Actions

• Remuneration ratification for Cost Auditor for FY 2026-27.

Meeting Details

• 29 Sep 2026, 11:30 AM IST onwards; Capital Group, USA; One-on-One; Virtual.
• 30 Sep 2026, 12:30 PM IST onwards; The International Investor; One-on-One; Physical, Neemrana.

Participants

• Key company participant: Managing Director.

Purpose

• Purpose: Schedule analyst/institutional investor meetings under SEBI LODR.

Financials

• Revenue ₹609.81 crore; up 38.06% YoY.
• EBITDA ₹112.48 crore; margin 18.81%.
• PAT ₹76.47 crore; margin 12.74%.
• EPS ₹12.30; ROE 13.32%.
• Export share ~17%; 19 countries; 200+ customers.

Capital & liquidity

• Borrowings ₹18,731.27 lakh; net debt to equity 3.24x.
• Current ratio 1.64x; gearing 3.24x.
• IPO proceeds deployed; ₹271.61 lakh pending for subsidiary project.
• Share capital unchanged at ₹6,215.66 lakh since 2024.

Expansion & capacity

• Neemrana Plant II inaugurated May 2025; capacity >6 million units/year.
• Bus AC division acquired; integrated system assembler.
• KRN HVAC facility expanded; footprint ~700k sq ft.

International footprint & customers

• Exports ~17% of revenue; 200+ customers in 19 countries.
• Markets: NA, Europe, UAE; data centers, rail, transport.

Governance & leadership

• Board: 7 directors; 2 Exec, 4 Independent; 1 Woman.
• Meenakshi Sharma joined Independent Director (Jun 18, 2025).
• CFO changes: Sonu Gupta to SMP; Pawan Nawal appointed CFO (May 15, 2026).
• ESOP 2026 approved; SBEB approvals sought.

Risks & outlook

• Raw material volatility; copper and aluminum; hedging via forwards.
• Geopolitical risks; Middle East; potential shipping disruption.
• Capacity ramp-up risk for new facilities; gradual utilization.

Sustainability & ESG

• ICE framework: Innovation, Community, Environment; IMS ISO certified plants.
• Energy: 5.4 MW renewable capacity; solar, IE4 motors, LEDs.
• Water: ZLD; rainwater harvesting; wastewater recycling.

AGM details

• AGM date/time/mode: 25 Sep 2026, 3:00 PM IST, via VC/OAVM.
• Cut-off for voting: 18 Sep 2026; remote e-voting 22–24 Sep 2026.
• Deemed venue: Registered Office.

Resolutions

• Ordinary: Adopt standalone and Consolidated financial statements with reports.
• Ordinary: Re-appoint Manohar Lal by rotation.
• Special: Ratify remuneration payable to Cost Auditors for 2026-27.
• Special: Approve revised remuneration of Santosh Kumar Yadav, MD & WTD, from 1 Apr 2026.
• Special: Approve revised remuneration of Anju Devi, Whole-time Director, from 1 Apr 2026.

Directors

• Manohar Lal to be re-appointed as Director (retiring by rotation).

Auditors

• Cost Auditor: M/s R S Chauhan & Associates; remuneration Rs 1,50,000 for 2026-27.

Remuneration approvals

• MD & WTD remuneration revised to Rs 1,26,00,000 per annum from 1 Apr 2026.
• WTD remuneration revised to Rs 84,00,000 per annum from 1 Apr 2026.

Meeting Details

• Date and time: 21-08-2026, 12:00 Noon onwards
• Type and mode: Group meeting, Virtual
• Organizer/event: Kirin Advisors
• Event: Webinar for KRN Heat Exchanger and Refrigeration Limited

Participants

• Key company participant: Chairman and Managing Director (speaker)

Purpose

• Investor/analyst interaction via webinar

Business Overview

• India-based manufacturer of heat exchangers and HVAC&R solutions for residential, commercial, and industrial use.
• Diversified HVAC&R portfolio across heat exchangers, coils, and integrated systems.
• Exports to North America, Europe, and UAE; strong domestic growth via capacity expansion and localisation.
• Listed on NSE and BSE in Oct 2024; investor presentation for Q1 FY27.

Operational Highlights

• Q1 FY27 consolidated revenue ₹252.32 Cr; YoY growth 118.9%.
• Standalone Q1 FY27 revenue ₹181.97 Cr; EBITDA ₹24.67 Cr.
• Exports grew 177% YoY; products shipped to 14 countries.
• Capex-driven capacity expansion and localisation to support growth.
• KRN HVAC Products Pvt Ltd formed; Bus AC Division acquired from Sphere Refrigeration.
• Workforce: 1,500+ employees.

Financial Performance

• FY26 revenue ₹600.06 Cr; EBITDA ₹112.48 Cr; EBITDA margin 18.74%.
• Net profit FY26 ₹76.47 Cr; net margin 12.74%.
• Cash flow from operations FY26: -₹113.80 Cr; financing positive ₹147.69 Cr.
• Total assets FY26 ₹931.82 Cr; current borrowings ₹187.10 Cr; cash ₹46.44 Cr.
• Market cap ₹9,153.71 Cr; share price ₹1,398.40; shares outstanding 65.46 million.

Capital Structure & Liquidity

• Current borrowings ₹187.10 Cr; non-current borrowings ₹0.21 Cr.
• Cash and bank balance ₹46.44 Cr; inventories ₹272.91 Cr; trade receivables ₹174.71 Cr.

Strategic Priorities & Outlook

• Scale manufacturing, increase capacity, localisation and backward integration.
• Expand export footprint to high-potential markets; diversify revenue mix.
• Formation of KRN HVAC Products Pvt Ltd; Bus AC division acquisition aligns with growth.
• Listed on NSE/BSE since Oct 2024; building global HVAC&R footprint.
• Focus on capacity expansion and backward integration investments.

Governance & Leadership

• Chairman & MD: Santosh Kumar Yadav; promoter and founder.
• Board includes Non-Executive Director and Independent Directors; strong governance framework.
• CFO: Pawan Nawal; Company Secretary: Jitendra Kumar Sharma.
• Subsidiary: KRN HVAC Products Pvt Ltd; expanding manufacturing footprint.