{"id":180672,"date":"2026-02-13T09:35:09","date_gmt":"2026-02-13T14:35:09","guid":{"rendered":"https:\/\/alphastreet.com\/india\/krn-heat-exchanger-and-refrigeration-ltd-krn-q3-2026-earnings-call-transcript\/"},"modified":"2026-02-13T09:35:09","modified_gmt":"2026-02-13T14:35:09","slug":"krn-heat-exchanger-and-refrigeration-ltd-krn-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/krn-heat-exchanger-and-refrigeration-ltd-krn-q3-2026-earnings-call-transcript\/","title":{"rendered":"KRN Heat Exchanger and Refrigeration Ltd (KRN) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

KRN Heat Exchanger and Refrigeration Ltd (NSE: KRN) Q3 2026 Earnings Call dated Feb. 09, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Mohit<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajat G<\/strong> \u2014 Analyst<\/em><\/p>\n

Manan Goel<\/strong> \u2014 Analyst<\/em><\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

Sa. Sa. Foreign. Ladies and gentlemen, good day and welcome to KRN Heat exchanger and Refrigeration Q3N 9M FY26 earning call. As a reminder, all participants lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Cyril Parekh. Thank you. And over to you.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you, Heena. Good morning ladies and gentlemen. On behalf of Dollar Capital, I’m pleased to invite all of you to the Q3 FY26 earnings conference call with the management of KRN Heat Exchanger and Refrigeration Limited. The management is represented by Mr. Santosh Kumar Yadav, Chairman and Managing Director, Mr. Sonu Gupta, Chief Financial Officer and Mr. Jitendra Sharma, the company Secretary. With that I’ll hand over the call to Jitendra sir for the opening remarks following which we’ll open the floor for questions. Over to you, sir.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Thank you, Hiral. Good day everyone. Thank you for joining us today. On behalf of the management team of the KRN Heat Exchanger Refrigeration Ltd. I would like to warmly welcome all our investors, analysts and partners to our earnings conference call for the third quarter and nine months period ended FY26. We appreciate your time and your continued interest in the company. This has been a solid quarter for us and we are pleased to share our financial performance and would like to outline our growth objective going forward. KRN’s journey over the last several years has been built on a simple and consistent approach.<\/p>\n

We have focused on doing the basics right, executing orders reliably, investing steadily in capabilities and building long term relationships with customers who value quality, customization and delivery assurance. From a single manufacturing facility and a limited product range, we have gradually scaled our operations, expanded our product portfolio and strengthened our presence across multiple and huge segment within H Vac and refrigeration. This TD evolution has helped us build a resilient business that can grow across cycles rather than chase short term opportunities. The broader industry environment has also been supportive. The H Vac and refrigeration sector continues to benefit from strong structural tailwinds including urbanization, infrastructure development, rising demand for energy efficient cooling solutions and increasing focus on indoor air quality.<\/p>\n

Growth in data centers, commercial buildings, transport, refrigeration and industrial cooling applications is creating sustained demand for reliable heat exchanger solutions. At the same time, global customers are increasingly looking for trusted manufacturing partners with consistent quality and the ability to scale which position companies like our well over the medium to long term. During the quarter and the nine month period, demand was strong across India and major export markets including the uae, the United States, Canada and Europe. Coming to the financial performance, I’ll first touch upon the standalone numbers for the nine month period ended on the standalone basic.<\/p>\n

Total income for the first nine months of the FY26 grew up about 58% year on year to approximately rupees 485 crore. EBITDA for the period stood at around 67 crore rupees reflecting growth of about 32% while net profit increased by nearly 49% year on year to about rupees 54 crore. On a consolidated basic for the nine month period, total income stood at approximately rupees 428 crore representing growth of about 40% compared to the same period last year. EBITDA for the nine months grew up by 53% to around rupees 79 crore while net profit increased by nearly 40% to about 53 crore.<\/p>\n

Looking specifically at the third quarter, consolidated total income for Q3FY26 grew by about 33% year on year to roughly rupees 155 crore. EBITDA for quarter nearly doubled to around rupees 31 crore and net profit for the quarter grew by 65% year on year to nearly 23 crore. Overall, the quarter reflects steady execution and improving operating performance as the business continues to scale. As we look ahead, we remain confident about the growth trajectory of the company. The industry outlook remains positive, our order pipeline is stable and customer engagement across domestic and export markets continues to be encouraging.<\/p>\n

Our focus remains on disciplined execution, improving operational efficiency, expanding our product offerings in a calibrated manner, and building a sustainable business that can deliver consistent performance over the long term. Before I close, I would like to sincerely thank our employees for their commitment and hard work, our customers for their continued trust, and our partners for their ongoing support. What we have achieved is the result of a collective effort and that support motivates us to keep improving quarter after quarter. We look ahead with confidence and optimize and with that we would like to happy to take your questions.<\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR in two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit from Shub lab research. Please go ahead.<\/p>\n

Mohit<\/strong> \u2014 Analyst<\/em><\/p>\n

Hi, good afternoon sir. Am I audible? Yes, good afternoon.<\/p>\n

operator<\/strong><\/p>\n

Yes sir, you are audible.<\/p>\n

Mohit<\/strong> \u2014 Analyst<\/em><\/p>\n

Sir. My first question is. In my opinion numbers are very good. We are already at 150crores run it per quarter. But I was wondering with the new plant kicking in production it could have been better than 150 crores. Could you throw some light? How the squatter 4 and FY27 overall looks in terms of ramping up the production at new plant?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yes, so actually a new facility of course is on ramping stage. And finally full flash we are going to integrate our new facility on 11th of March. So I also inviting all investors to come on the 11th of March to for integration ceremony of our new facility.<\/p>\n

Officially actually earlier office was not completed but now finally final stage. So we are going to inaugurate on 11th of March and then we will ship to our new office new facility. So if just I want to share some numbers in term of new like facility billing. So last quarter we added almost 40 plus new customer from new facility only. And we did the FG sales to them. So it means number of customer increasing well and of course sales is ramping well in this quarter currently you will get some good numbers including new products as well as our existing products.<\/p>\n

And also bus air conditioning also started well. So this year what we probably are going to achieve some of course not good numbers. But in terms of starting phase good numbers from bus air conditioning as well. Yeah, yeah. Thank you.<\/p>\n

Mohit<\/strong> \u2014 Analyst<\/em><\/p>\n

You were saying something sir, My second question is on cost. We are seeing increasing volatility in aluminium and copper. I am wondering how is it affecting the current order book and the current purchase order we are receiving in terms of our gross margins. I know the order book is short cycle, probably two to three months.<\/p>\n

But can it lead to one to two quarter of depressed margin for us?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So for us I can say we are receiving some inventory gain of course because we always keep two and two and a half month inventory and some 20 days or one month inventory under transit. So of course metal is increasing but we can change our price after quarter only. So last we change our price from 1st of December and now we will change from 1st of April 2026. So as a particular in case of us. So we have almost 2 and 2 and a half month inventory in our hand always.<\/p>\n

So no direct impact to us. But it’s converting I think again only to US and we change easily our copper, lme, aluminium LME and of course USD to INR in quarter basis so that we are doing only with all customers.<\/p>\n

Mohit<\/strong> \u2014 Analyst<\/em><\/p>\n

Oh okay. So that was very understanding.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi Mr. I was just wondering if I can continue with a few more questions sir.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yes, yes, yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah I. Hi this is Pratik this side same team. I. I was just wondering about the initial signals you know you have been getting from your team on our bus AC pursuit. You know how has been the approval from OE customers, you know how’s it going also in terms of you know converting an OE from an existing supplier to krn how easy or difficult you are finding it Because I’m sure this is a new business for us. So it said there’s a learning curve for you also. So if you can throw some light there.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yes. So in terms of baser Kanji for us of course is new product. But if you see main component of the bus air conditioning is like heat exchanger then FRP and then tubing and of course compressor and controls. So in term of backward navigation we are on the top stage. If you compare with all Indian manufacturer because we have our own heat exchanger and we are the best one and then we have tubing and then we have in house FRP and of course control fan and blower we have to buy from deputy supplier same like our competitor buying.<\/p>\n

So you can say we can maintain the right quality and of course right cost as well. And about our experience because our partners have almost 12 years their own experience and before that also they have experience with OEM so they have market contacts, they have reputation key, they know the product and of course they are not selling well in previous time. But now with our support of finance on our product of quality they are able to like convey to customer. And of course we already started one OEM in last quarter only and as I said we added almost 40 new customer in last quarter.<\/p>\n

So I think 10 to 15 only from belongs to bus air conditioning only and however some big OEMs we did the NDA but supply not studied yet. So hopefully within this month this quarter we will able to supply with 2 or 3 big OEM as well. But all OEMs will take time that is I am sure so next year because as I understood market is almost around 1000 crore plus for bus air conditioning pan India based and it’s growing 20 to 25% year to year end basis. So next year we expect at leave cover the 15% of market of total top line of The India market with some OEMs and as well as some bodybuilder and some aftermarket clients.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood Michelle, this is very helpful just to follow up on this. So I was wondering has the supply started to any of one customer or. It will take some more time in the coming coming quarters Already started with.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

One OEM in last quarter only. And this quarter is continue going in with same oem.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And this is the final customer OEM himself. Not some tier one or tier two vendor.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Final, final.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Final. Final user. Okay, great. That’s great. Yes, I have few more questions. I’ll join back the queue. Thanks a lot. This was.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Rajat G from Fortune. Please go ahead.<\/p>\n

Rajat G<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah. Am I audible?<\/p>\n

operator<\/strong><\/p>\n

Yes sir, you are.<\/p>\n

Rajat G<\/strong> \u2014 Analyst<\/em><\/p>\n

Yes. Yeah, so. Yeah. So I just had one question regarding the new acquisition of the bus air. Conditioning system from spear. From spear. So I just wanted to know what was the cost of the acquisition and secondly what was the. I mean you had estimated the revenue it will bring will be around 160 crore in the next FY. So do you stand with it now and what will be the margin profile for it?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yeah, so cost of course we cannot disclose but it’s not much. If you can maybe study from balance sheet it will be okay. About markets here, what I said key top line is 1000 crores. So we able to achieve 15% of course from them in next year is on the right track. Higher margins If I talk about gross gross margin. So it’s better than our existing product because we do complete assembly and we have backward integration in term of sheet metal FRP and then tubing and of course heat exchanger.<\/p>\n

Rajat G<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay, that’s great. So it will be more than 20%. That’s what I wanted to know.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yes.<\/p>\n

Rajat G<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah, perfect. Thank you. That’s all from me.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Manish Oswald from Nirval Bank Security Private limited. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes sir. Thank you for the opportunity and good set of numbers in delivering the good execution on a guided strategy. Sir, my. I have only one question on the working capital side. Because of the rising commodity prices, do you see stress coming up for us? And what is the networking Couple days agent 31st December compared to March.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So it’s still of course both is increasing metal pricing. And still we are not like we of course we receive some samples from our local manufacturer. But still we are not buying majorly once they settle down in term of quality. And I think price structure also not good for us because as of now in case of import we have some credit limits from them. Some with LC and some without LC as well. But domestic manufacturer they are not open credit for us. And of course I think for not all. So we are expecting they are settled down the things in terms of quality and of course pricing and then payment term.<\/p>\n

So then we slowly we will start to buy from them for copper tube and as well as aluminum foil. So then inventory will be settled down. Because now our inventory in term of existing business of course course is same way or maybe slightly up. But other business also we have to build the inventory for other components. So it’s like bar and plate and then refrigerator component and then bus air conditioning. So we always do like in. In term of inventory we always keep some stock. We call this minimum level stock in SAP. And then we work based on our forecast.<\/p>\n

So first inventory we have to build almost build or some maybe going to build for these new components.<\/p>\n

Rajat G<\/strong> \u2014 Analyst<\/em><\/p>\n

And what is the average?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

If I conclude. If I conclude it will be messy. Maybe after like 1\/4 or 2\/4 you will the things once domestic will start. Then it will be maybe some slightly downside. But it’s still same or slightly up.<\/p>\n

Rajat G<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay. And sir, on on average input inflation for us of raw material compared to our price hike. What has been the action during the quarter.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

For us? As I said before, we always keep two and a half month inventory on hand. And then some 20 days or one month under transit. And then quarterly base we can able to change to our customer. So directly not two on us even we are receiving some gain. Only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Last one long term question. Because now we are hearing a lot of investment proposal in the data centers in India. When Atel is talking about big data center set up in the recently concluded call. So do you see we are going to set up one facility in the southern region. Also that which you talked about in past. Can you. I mean the increase for that investment to come up now.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So for data center we always like positive. Because I said before also. So even in term of data center coil manufacturing or detection manufacturing we are down to. Because data center detection is size is quite big. And earlier in old facility we don’t have such infra or space. Or you can say finance support key. We can able to achieve big numbers from data center. But now we are on the leading stage because we have already new facility with big infra big capacity. And if I convert in like as of till quarter three. So we achieve almost 15% of our top line from data center only and since last two months we are receiving good orders.<\/p>\n

Some big orders from data center only. And of course inquiries under pipeline. So we we are hoping in next three four year data center will be big numbers for us. So whatever I said before also in last call we expect at least whatever order will raise for data center particular for each engineer. So we will be contribute at least 50% of the total order for India market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So like you said 15% data center it can go 40 50% next to three years.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

I think it will increase but the other segment also increasing. So in term of percentage I unable to convert. But whatever order will raise we can achieve 15% of the India market. And because our other segment also parallelly going on. So that maybe we can make some calculation or some seat and then I can share. But I unable to convert in percentage. But however it will increase because if you last year I think we are only 7%. Now it’s at 15% and in coming year for sure it will increase. But it’s only heat exchanger segment because we are doing other component.<\/p>\n

Complete bucket, conditioning, bar and plate and then refrigerator component. So on total top line what will be the percentage I have to calculate and then I will share.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No problem sir thank you so much and answering all my questions. Thank you very much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of meet Shah from Finance360. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks for the opportunity and congratulations on the great set of numbers. So sir, my first question is on overall demand. I mean in domestic and international market. Also if you have seen last one month is full of events. We have signed India, signed a trade deal with European Union which is I guess the biggest markets. So what kind of demand are you expecting from this markets? Because since your export percentage is also increasing in terms of revenue. So how price competitive are we in terms of our peers like China or Vietnam. If you can throw some light on this.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yeah. So if I summarize your question answer. So actually what happened? We added like new geometry especially for Europe and of course USA market. So of course because of tariffs there was some pause because new inquiry we had. But they unable to convert in order because of tariff. But finally USA have of course reduced and now final numbers on what component. What will be the percentage? Still we don’t know but it will be the maximum 18. So we have. We had one exhibition in USA last week only and it start from the announce. So that is good.<\/p>\n

So still my team is in USA and they will be at least for one month to meet our existing customer. And we have a good inquiry good RFQ from both market for us and Europe. But finally some we received of course new from new customers. Some sample order and some like pilot lock order. So it will be convert soon. Secondly our laboratory also started initially. So now we can test the heat extension also in our laboratory. Even last week we did 4104 customer. So existing was it like if you can say 100 rupees. So we are able to achieve same capacity 90 rupees as well.<\/p>\n

So we can save at least 10 rupees on same capacity of heat exchanger. We change the tube diameter like from earlier it was 7ohm. Now we converted in 5m. So if you see us and of course Europe both market we will going to target. And based on that we built our capacity or like in term of capability. Like number of geometry and number of tube. So both we hoping good and number we’ll see in coming quarters from both of the market. And what you said earlier. So I think I maybe I missed what you. It is okay or.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So the question. So the question was more on how competitive are we on pricing terms. I mean my understanding is after net of tariffs we would be 15 to 20% lower than our peers like China and Vietnam.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So in term of our peer of course we are not Vietnam. There is no manufacturer who can able to supply to Europe and USA market. And of course some Chinese you can see in term of mass production. But we not targeting to to SAP to Chinese supplier. So we always target to our European supplier or USA supplier. So from them of course 15 was quite high. But now we can able to on same time of course Europe almost zero. So it is okay. So if I compare to European supplier to my price it will be maybe 15 to 20% less landed price.<\/p>\n

And of course USA on same way. So if I to like conclude like target to Europe and USA with European and USA suppliers. So we can able to like give to our customer 15 to 20% of value of our on our product.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So my next question is on the newer capacity utilization. I think for this quarter it is around 6% kind of a number. And we are earlier guided to 20 to 25% for Q3 and Q4. So even if you are doing 20% for Q4, it comes around 200 crores of revenue from newer capacity. So is your guidance still intact or is there any change?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

No, actually no. You see the guideline is same is 20% we are going to achieve. And it’s a numbers because console you can able to see but Actually we doing inter billing. Intercompany like for raw material. And then because some of our export customer and domestic customer we are making product in HUAC. But we are supplying from Krnnet. Due to vendor code not open or like formalities of quality process is not completed. So H. Vac we achieved till now 100 Gold plus already in last 3 quarter for finished good. So this quarter number will increase and I think guideline will same key.<\/p>\n

We can able to achieve around 20% of capacity from H. VAC. But this number if you console I think you can able to see H. Vac number it seems less but actually it’s upside because of inter billing.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, got it. And so my next question is on book bookkeeping. If you see the effective tax rates of this Q3 compared to the last year’s Q3 it is coming around this. For this Q3 the effective tax rate is around 12%. And for the last it was 28%. And also follow up question on EBITDA margins as well. For consolidated EBITDA margins we have seen the improvement. While for stand alone it has contracted. Right. So I was thinking it should have been other way around because lots of costs are coming up. So it would drag consolidated margins and standalone margin would remain intact.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So what we analysis there is the three reason for tax. Of course the calculation of the deferred tax. That’s why tax rate is low and margins ebitda. So you can mainly two region. One is the inventory gain and second one is the backward integration. Because now earlier we buying product from outside of some like in term of Heather and cinnamon. But now we are induction making in H. Vac and then we are building to care and heat. So that is the reason only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. But sir, in standalone the margin has contracted by 2 and 2.7%. So what’s the reason for that?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

No standalone if you see, because that is including raw material on the top line. So of course raw material we are able to make the margins now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Sure. Okay sir, sure. Got it.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Mitesh Bhandari, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir. Good afternoon. My question continues in line with some of the earlier questions. Though I was not able to get the exact guidance. So what will be the guidance in terms of top line and bottom line for Q4 and at the same time next financial year. And when you say there are, there is some Inter billing. If you can give a little more clarity on the Inter billing key. The subsidiary numbers are also included in the Guidance which is being given.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So there is two things going on inter billing. One is because we have some limited like LC limit in H. Vac and some vendor code is not open. Well so we raw metal, we buying on current heat exchanger. And then we billing to care and H Vac some metal what they need. Secondly like semi finished product like sheet metal component and header we are making in care naturation. Then we belong to care needs. So this is the main reason of the intervening second guideline of the capacity utilization is remain same. So we are going to achieve around 20% of the capacity from H.<\/p>\n

VAC. And next year we are going to achieve around 50% of from H VAC. Of course need almost full. So there will be no able to increase on capacity.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So in terms of total numbers, what is the revenue which we should expect for Q4 and for next financial year?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Sir, the number of course I cannot share. But capacity relation I already described. So maybe you have to calculate. Okay, okay, fair enough sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And with respect to the exports you have clarified now key the US and Europe market etc are now a little better position. Now the tariff positions are clear. But we’ve also been doing some export to Saudi and Middle east etc. Are we seeing any growth and you know continuity in orders, repeat orders in that market or further penetration in the Middle east market as well.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So Middle east market actually we have same customer and we are supplying to them. And you can see number is increasing. Well from UAE as well. Because UAE market also doing good. And even last quarter we already declared the News. We got one almost 24 single order from UAE marketing. That is this what we are going to supply. Okay, okay, okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So we further continue to tap the UAE market or we our focus is going to be initially more on US and Europe.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Actually UAE market for us is not so big. So whatever customer we are supplying, of course they will remain same. Whatever they are increase we will enjoy. But however, our main focus is on Europe and USA market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay, fine. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Jitesh Thakur and investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Good afternoon, can you hear me? Yes, yes, yes. First of all, congratulations to the management team on a strong and more importantly consistent education. I have a larger vision to share on to just know. As the company is clearly on a strong growth trajectory. Good governance and strategic guidance has become very important. Could you share some insights on how you are strengthening the role and composition of independent directors? The explorator growth that we can see.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

In the coming years. So as of now whatever. We have four of course expert from like CS side and finance side. So we are taking that advice on the ratings from them. And coming years we will try to add some more expert or may industry expert or you can say professionals much more. We will add maybe 1 or 2, 3. So maybe next year you will able to see on our board. So as of now fourth, fourth or independent director they have expert in two in finance. Yeah. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. But yes, this is my strong solution. Because as I see as you are doing on a very as per your guided territory a strong and able independent debtors would really help you in that effective checks and balances in the company. As the company is scaling up.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Thank you. Yeah, thank you. So we note down your session. But how are we are working on same as well. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes please. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Manan Goel from ICICI Securities. Please go ahead.<\/p>\n

Manan Goel<\/strong> \u2014 Analyst<\/em><\/p>\n

Just wanted to check that you mentioned. Hello. Am I audible? Yeah. Now. Yeah. Thank you sir for the opportunity and. Good set of numbers. Just one question. You mentioned that you will be able to achieve capacity utilization of 20% in FY26. And the maximum revenue peak revenue from this new capacity will be around 2004. So if I do the math then around 400 crore will be coming from the new capacity, right? In FY26.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

No, no. I think there is some maybe confusion because our earlier was because numbers. Of course I cannot share in in detail. But our like total what we said when our turnover was like 300 crore and then 6x compared to. So the total capacity of the including existing and new facilities like that and from new facility we are going to achieve around 20%. So that is the calculation.<\/p>\n

Manan Goel<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay, understood. Got it sir. And I see that your cross margin on a cost paper.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Your voice is not clear. Can you. Can you loudly.<\/p>\n

Manan Goel<\/strong> \u2014 Analyst<\/em><\/p>\n

Hello. Hello. Am I audible? Yeah. Yes. Yes. Yeah. I see. I see that your gross margin on a console basis has contracted by around 5% year on year. If you can give me the reason for this.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Regarding. So I said before. So there is a two region which I which seems to visible clearly. One is inventory gain and second is the backward integration in term of sheet metal and header component.<\/p>\n

Manan Goel<\/strong> \u2014 Analyst<\/em><\/p>\n

No click. And also. Yeah, yeah. I just want to know like they are contracted. They contracted on a console on a standalone basis. But they have extended on a console basis. So the main reason is inventing it. Right.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So console base. Because in H. Vac we are making this backward integration and also new component like bus, air conditioning. And bar and plate also from hvac. And there is our margin is slightly up compared to compared to existing product. Okay, got it. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Mohit from Shublab Research. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. Again, this is Pratik Desai. I just wanted to you know, understand the behavior of suppliers at this point of time because I know you have alluded to this question earlier but just wanted to get some more sense on it. Since the volatility is so high, are the suppliers working on as an event basis or you know, are they honoring the commitment or they are revising it very quickly. How is it, how’s the behavior of the suppliers at this point of time particularly for aluminum and copper and will it be possible for you to break up the bill of material bomb? Roughly how much aluminium consists of it and how much copper contains.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So for us of course aluminium foil we have like you can say top of the supplier from the world. So they are reputated so they can’t do nothing. Whatever contact we have, they are only in. Well however in copper there is one slightly change key. Earlier LME we can book like settlement of the during the day we call CSP but now they have sent the letter to all oem not to us. They have to charge some premium because volatility is too high and they are backward I think from their buying cathode so they they have to charge as a premium particular I think 200 USD so that they tend to let it to us also.<\/p>\n

But however as a supplier because we have for copper three to four suppliers they are also top one in the world so they can’t because our buying is also good. So they are right shipping as well. Secondly main content in our course it is of course copper which contribute I think 40 to 50% based to based on like product and aluminium contribute 10 to 10 to 15%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. This is very helpful. Aluminum 10 to 15% copper 40 to 50% of our bomb. This is the second thing I had in mind. You know I would like to get your opinion also. This is not a ask from you at this point of time. Since business is evolving and graduating from here. Will it be possible going further to share some order book status or some number there? You know what what can be the execution in say let next six to nine months or one year or time frame given these are very hard coded contracts from the customers.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

I said before also because our customer is not project based. So of course slightly project based also like 1 or 2% you can but our order book is like rolling based like our man customer they they spare us almost six months of their total forecast and then one month is firm order and then it’s rolling. So of course data center we are receiving some big orders like single po. You can say earlier it was less number but now it’s really a good number of single po. That is we are going to achieve good numbers from data center.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it? Got it. No, no. Understandable, understandable. One one small question. So talking to many capital good companies we get a sense that to a certain extent few customers are also you know in a wait and watch position. To an extent where they have kept the orders on fadlop, you know where they are just waiting and watching because of this one, this raw material thing and then second the geopolitical issues also. Are we also facing any of this challenge in our business?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

No, because our customer is not project the company like like said of course if data center like man company like Google they not release the order to our customers. So of course they will not come to us. But once they have order so they. They of course sent order to us because delivery they need sometime three or two or three months. So maybe man customer can wait the metal maybe settle down the things. But our customer is not on the same page.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood, Understood. So it might trickle down but as of now it’s not happening. If Google stops the po, let’s say puts anything on furlough it might trickle down to us. But as of now you’re saying is not happening.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yes for us is not happening. And of course this price is slightly of course up but because we work on an average so directly not. Yeah to our customer as of now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood, Understood. Very helpful. Just last question from my side. Any new significant higher at the top management level we have done. I know we are. We are working on it. So this just wants you to get an update. Nothing. Nothing more than that. No.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

If you see of course on the last quarter I think but it’s. I think before last part is happened. So we have export sales president and we have one president for food and non port business for like this dry cooler and ammonia business. And then three director we added the as operation director like in bus air conditioning. And the earlier team was quite old but now still some middle management or some maybe one or two top management is still we are searching so fully within this quarter also we will fill whatever is required.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. I just missed the second part. After the chief of sales exports the second portion you discussed about There is.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

One sales precedent for food and non food business. For particular for complete product like dry air cooler and ammonia.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. You mean the chillers or the freezers which are inside the shops etc.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

No, no, no, no. If you see our websites we give now we updated our website and there is the detail about our all products. So we added the refrigeration and complete H vac system. So there is the you can detail with photographs. So maybe you can study.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, no, I’ll. I’ll definitely go through it. Very helpful. Always pleasure speaking to you. Thanks a lot and good luck.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Thank you. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Vignesh Ayer some sequent investment. Please go ahead. Mr. Iyer, please proceed with your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Am I audible now?<\/p>\n

operator<\/strong><\/p>\n

Yes sir you are.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, sorry. Sorry. Thank you. Yeah, thank you for the opportunity. So my first question is on. So the current order book that we have just wanted to understand with so much volatility when it comes to raw material are these orders cost plus orders where we pass on any rise in the raw material cost or how is the agreement in general with our customer.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So our order of course not linked to material but lately because we work on average. So now we are applying like January, February and March. No, no, it’s October, November and December and we able to supply January, February and March. So now our price will change from 1st of April based on this running quarter average. So same contract we have almost with all customers and they agreed on that and they are continuing with orders because they main customer is not project based. They’re running whatever output they have to achieve. So they have to order detection.<\/p>\n

Of course we have to supply on the same base and it’s not linked to key. They are waiting for material to settle down the things and then they will release order to us and then we will execute because we works on average only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So how do we book our raw material? I mean when we get the order we do. We book raw material immediate basis. When we get the order to hedge ourselves.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

No, no, no. So actually so roughly like if I need like 300 ton copper tube in a month. So we like plan our full container load. So one container like 20 ton. And then based on then size and based on that we make the container full one size or sometime two size in one container. And then weekly basis we settle down the alumni and then we like before we raise the order to our vendor and then once the shipment is ready or before the shipment is start we can book the alumni based on that they Apply the alumni and then they supply to us.<\/p>\n

So it’s the you can say similar average way. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So. So it will be fair to assume right sir that there is some risk of raw material in our books when it comes to such contracts. Right. Because the order that we have booked and the average price would have some difference in terms of value.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So sometime before that like we not linked to our booking with order. So we like link to key whatever we has to use in three months and then we apply to our customer this three month average. So in term of total if you see it’s link maybe some order if you link to. We are doing on 11,000 but we booked on 13,000. But next month we will bill maybe 13,000 and of course we buy maybe 12,000 or it can be 14,000 but quarter to quarter basis settle. But it’s not because we always keep two and a half month inventory and of course 20 days or maybe sometime two week or three week in under transit.<\/p>\n

So it’s direct noted to us and of course not to our customer.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. So just one more question. I might have missed a commentary earlier regarding sphere refrigeration system. So can you tell me what is the total revenue of sphere refrigeration system and what. What kind of growth can we see.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

You know from next year. So the. The. The. The spare refrigeration and there was the two company they have. One is a spare thermal and one is the spare refrigeration. So main business they do in spare thermal. But they already like had some agreement with some other guys and they already sold that company before six months with like aligned with us. But we bought spare refrigeration. So they. They have not good numbers in spare refrigeration. Very less I think top line maybe 2 or 3 crore only but it’s fair thermal. They did I think 40 or 50 crore and they did this business around the 1212 year plus.<\/p>\n

But market scenario is like that market is total almost 1000 crore plus in India as of now it’s growing 20 to 25% year on year basis. And both for electric bus air conditioning and conventional bus air conditioning. So we are making both electric bus air conditioning and conventional. And of course this businessman thinks is you have to open service center pan India based because customer needs service on immediate basis. So we already opened four service center in India. Like one is in Indore, one is in Nola, Delhi and the one we are going to open.<\/p>\n

So our target is in next six to seven months we will able to open at least 20 to 25. 20 to 25 numbers. We center it Pan India based and sorry we already hired almost 10 to 15 sales team and going to. I’m going to hire already hire some Numbers I think 50 plus service technician. But still we are going to hire. So if you can see in next six months we will have complete Pan India based service center with technical team, service team and the sales team. So that is the main criteria of this Basir Kanye business which we are going to achieve 15 sales of top line from next year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

15. Sorry, I missed the part for top.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Line offline bus air conditioning complete business. So we are going to achieve around 15 in next year of our total sales. Is what you mean for total sales for bus air conditioning in India.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And this, this product primarily would be manufactured in our new facility, right?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yes, it’s already started. So last quarter also we did some billing and this quarter is also we are doing the billing including one oem.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay sir. Got it sir. That’s all from my side and all the best sir.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Thank you. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Aditya Sharma, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Considering the recent investment in the busy segment could you provide some guidance on its expected revenue contribution over two to three years?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So this earlier question is the same because this coming year we are to see revenue on 15 of the bus air conditioning industry total market size. And then of course there will be 30 to 40% of the growth because industry also growing on same way. And we are the new so based on our backward integration and our like quality of the products. So we will be the one of the key vendor for basil panning industry.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Tej Patel from Nivisha Capital. Please go ahead.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Hello. Am I audible sir?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Yes. Yes.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah. Thank you so much for the opportunity. I just wanted to get an idea on the data center side of the business today if we look at the major havoc suppliers are we, you know are the customer to us? Maybe let’s say. I mean just wanted to understand. Today all of the data center having supplier are the customer to us. And then when you say 15 of the revenue in this quarter came from data center, is it India or is it some other country?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So as of now major from India only slightly. We did export also for one of our customer in Europe for data center. And so you can see main revenue in India. And as of now we have almost all except one. And for one also we did like NDA and we they asked last week for bidding and we did the bidding and we have L1 position on bidding. So we are expecting hope we will start from this one customer also who is in majorly in data center. But other than one already we are supplying to all for data center.<\/p>\n

And that’s why I’m saying whatever revenue will come in coming year from data center. So our percentage will increase. And we’re expecting 50% of total revenue to us based on our quality and of course infra and new facility and our cost.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Got it. And sir, so sir when you say L1 is it project, product, project project to project basis or then when you say you are L1 so you have entered the supplier list and are you the sole supplier for that heavy system supplier or it will.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So they have some process to year on year basis whatever they are total buying. So they complete bid I think with more than. I think 80 or 90 SKU. So they did the quantity and then price and then total price comes and then we did the bidding and then based on that we L1. So now consolidation is going on for building and then I think we have to supply two samples and then supply will start. So they have already existing supplier and they entertain us to as a new supplier.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay so is it right to assume for any projects that your current havoc supplier gets you would be the sole supplier in India?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

No, we are not like this based on project to project. But we are not sole supplier for all. Of course you can say some of customer we are the major suppliers. So maybe 80 we and maybe 20 they are buying from our competitors some small quantity. So it’s based on like project or their regular requirement. They decided and then they offered out order.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

And so for the 20 30% of the suppliers who are competing with us, is it all imported or is it manufactured in India by some mnc?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

In any manufacturing in India but one MNC you can say. But other is Indian supplier only.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

So is it possible to name the peers?<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

I think as of now unable to share. However. Okay, we will share here.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

And sir when you say you are receiving inquiries, you know incremental inquiries from for the data center is it the India market or. Or the European or the UAE markets? Because what we understand UAE also pushing hard for the data center. Capex just wanted to get your view on the inquiries. Part of the site is in India or exports as well.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

So majorly we’re receiving from India only. However we have inquiry from USA one of customer for data center and Europe as well. For UAE I think there is no local manufacturer there to make the data center. However whatever is top 10 so almost 6 to 7 we only supplying to them. So I think if they have new facility in UAE of course we can able to supply to uae. But as of now we didn’t have inquiry from UAE for data center but we have from Europe, USA and of course majorly from domestic.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay, got it. And so for liquid cooling do we have solutions? Because I think there is different kind of heat exchangers are used. Right. I just wanted to understand that part of the business as well.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Because so liquidly liquid cooling have like two options. One is the we called CDU and CDO I think plate heat exchanger which we are not manufacturing but outside is the same IT exchanger. Maybe chiller or dryer cooler. So for chiller we are making. And of course dry for driver cooler we are making detection as well. We are making complete dryer cooler as well.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay. But for D2C we are not making the heat exchangers like the air one. Okay, got it.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

CDU we are not making.<\/p>\n

Tej Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Yes, got it, Got it, Got it. Perfect sir. Thank you so much. That helps.<\/p>\n

CS Jitender Sharma<\/strong> \u2014 Company Secretary<\/em><\/p>\n

Thank you. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. Santosh for closing remarks.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

So thank you all to joining and I again I request to come to like all investor on our this opening ceremony of our new facility on 11th of March. So if possible please book your calendar and send the information by mail to our CS or maybe to me. So we will maybe the logistic part we will take care and of course if need some timing we will share and expecting same like good numbers in coming quarter including data center and of course from export side. So thank you, thank you to all.<\/p>\n

operator<\/strong><\/p>\n

Thank you on behalf of Daulat Capital Markets Private Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

KRN Heat Exchanger and Refrigeration Ltd (NSE: KRN) Q3 2026 Earnings Call dated Feb. 09, 2026 Corporate Participants: Unidentified Speaker CS Jitender Sharma \u2014 Company Secretary Analysts: Unidentified Participant Mohit \u2014 Analyst Rajat G \u2014 Analyst Manan Goel \u2014 Analyst Tej Patel \u2014 Analyst Presentation: operator Sa. Sa. Foreign. Ladies and gentlemen, good day and […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-180672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":173918,"url":"https:\/\/alphastreet.com\/india\/krn-heat-exchanger-and-refrigeration-ltd-krn-q4-2025-earnings-call-transcript\/","url_meta":{"origin":180672,"position":0},"title":"KRN Heat Exchanger and Refrigeration Ltd (KRN) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"KRN Heat Exchanger and Refrigeration Ltd (NSE: KRN) Q4 2025 Earnings Call dated May. 15, 2025 Corporate Participants: Sonu Gupta \u2014 Chief Financial Officer Santosh Kumar Yadav \u2014 Chairman and Managing Director Analysts: Yogesh Patil \u2014 Analyst Nikhil Singhania \u2014 HNI Investor Reet Ranawat \u2014 Analyst Shivkumar Prajapati \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, 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