KRN Heat Exchan Q1 FY27 Results (NSE: KRN)
Signal: Growth reaccelerated
The read
Q1FY27 marks a third consecutive quarter of YoY margin expansion in the recent series, with consolidated revenue at ₹252.32 Cr, +118.9%, EBITDA at ₹51.84 Cr, +144.9%, and PAT at ₹32.90 Cr, +164.9%; the main thesis inflection is subsidiary-led scale combined with overseas revenue growth of +177.31%, while standalone growth remains much slower at +59.1% revenue and +19.0% PAT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹252.32 Cr | 118.9% | N/A |
| EBIT | ₹45.37 Cr | 139.0% | |
| Net profit | ₹32.9 Cr | 164.9% | |
| EPS | ₹5.2 | 160.0% | |
| EBIT margin | 20.5% |
P&L walk
Consolidated revenue rose to ₹252.32 Cr, +118.9% YoY, while EBITDA increased to ₹51.84 Cr, +144.9% and EBIT to ₹45.37 Cr, +139.0%; the PAT increase to ₹32.90 Cr, +164.9%, reflects strong operating scaling rather than a material other-income distortion.
Segments
Although no formal segment-results table is provided, the consolidated-versus-standalone gap is material: consolidated PAT rose +164.9% to ₹32.90 Cr versus standalone PAT growth of +19.0% to ₹18.67 Cr, indicating subsidiaries are driving the group acceleration.
Key positives
- Consolidated revenue reached ₹252.32 Cr, +118.9% YoY, with overseas revenue of ₹52.38 Cr growing +177.31% and export share rising to 20.76% from 16.38%.
- Consolidated EBITDA increased +144.9% YoY to ₹51.84 Cr versus revenue growth of +118.9%, while EBITDA margin was reported at 20.5%.
- The company served customers across 14 countries, with the USA contributing 32.59% of overseas revenue and France 19.81%.
- The ₹182.95 Cr Rajasthan incentive supports the stated expansion, localisation and backward-integration programme.
- The ₹50.87 Cr domestic heat-exchanger-coil order received by the subsidiary after quarter-end provides a disclosed near-term order catalyst.
Key concerns
- Standalone revenue growth of +59.1% and PAT growth of +19.0% materially trail consolidated growth of +118.9% and +164.9%, increasing dependence on subsidiary execution.
- The ₹350.00 Cr QIP adds 33,01,886 equity shares; although EPS growth of +160.0% broadly tracks PAT growth of +164.9%, future per-share compounding must absorb the enlarged share base.
- The filing does not disclose order-book value, capacity utilisation, raw-material costs or cash-flow data, limiting visibility into the durability and cash conversion of the reported growth.
Research and educational content only. Not investment advice.