KRN Heat Exchanger has delivered strong Q3 and nine-month FY26 results. **1. Business Performance:** Consolidated total income for Q3 jumped 33.29% to ₹155.09 Cr, with net profit surging 65.09% to ₹22.66 Cr.

For the nine-month period, total income grew 40.06% to ₹428.41 Cr, and net profit increased by 39.72% to ₹53.11 Cr.

Export revenue for 9M FY26 was significantly driven by the UAE (38.10%) and USA (37.28%). **2. Growth Drivers or Strategy:** The company is focused on operational efficiencies, enhancing its product portfolio with new offerings like Bar & Plate Heat Exchangers and Oil Cooling Units, and continuously improving product design.

It aims to diversify its customer base and expand its global footprint, particularly in Europe and North America. **3. Recent Developments:** A key update is the subsidiary KRN HVAC Products acquiring Sphere Refrigeration Systems’ Bus AC division and commencing production at its Neemrana plant.

CRISIL also assigned an A– rating with a Stable Outlook to KRN's bank facilities. **4. Key Financial Metrics:** Q3 FY26 Consolidated EPS stood at ₹3.65 (+72.17% YoY), while 9M FY26 EPS was ₹8.54 (+16.03% YoY). EBITDA for Q3 grew 96.54% to ₹31.08 Cr, and for 9M, it was up 52.91% to ₹78.93 Cr. **5. Management Commentary / Outlook:** Management highlights steady progress driven by consistent execution and healthy domestic and export demand.

They are building stronger customer relationships and focusing on higher-value products and operational control.

The outlook remains confident with a stable order pipeline, expanding global engagements, and a focus on efficiency to sustain growth.