Interim report
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KRN HEAT EXCHANGER AND REFRIGERATION LIMITED Registered & Work Office: Plot No.: F-46,47,48,49, EPIP, RIICO Industrial Area, Neemrana – 301705 (RJ) CIN No.: L29309RJ2017PLC058905 Contact No. 9116629184 (+91)-9116629184 info@krnheatexchanger.com www.krnheatexchanger.com Date: 29th October, 2026 To, BSE Ltd Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001, Maharashtra, India Script Code: 544263 To, National Stock Exchange of India Limited Exchange Plaza, C-I Block G, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India Script Symbol: KRN ISIN: INE0Q3J01015 Subject: Outcome of Board Meeting pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/Madam, This is to inform you that the Board of Directors of the Company in its meeting held today i.e. 29th October, 2026, considered and approved the Unaudited Financial Results (both Consolidated and Standalone) of the Company for the quarter and half year ended on 30th September, 2026. A signed copy of the Unaudited Financial Results (both Consolidated and Standalone) of the Company for the quarter and half year ended on 30th September, 2026 along with Limited Review Reports thereon by the Statutory Auditors of the Company, is enclosed herewith as Annexure-I. The aforesaid Financial Results (both Consolidated and Standalone) along with Limited Review Reports thereon are enclosed and are also available on the website of the Company at www.krnheatexchanger.com The meeting of the Board of Directors commenced at 03:33 P.M. IST and concluded at 03:50 P.M. IST. Kindly take the above information on your record. Thanking You, For KRN Heat Exchanger and Refrigeration Limited Jitendra Kumar Sharma Company Secretary Encl: A/a
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ParUcular.s Income Revenue from operations ti. Other Income Ill.Total Income (I+ II) IV Expenses: Cost of materials consumed Purchase of Stock-in-trade Changes in Inventories of Finished Goods, Work-I n Progress and Stock-In-Trade Employee benefit expenses Finance costs Depreciation and amortisat ion expense Other expenses Total expenses (IV) V Profit Before Prior Period and Exceptional Item (Ill - IV) VI Prior Period Item/Exc eptional Item VII Profit before tax (V-VI) VIII Tax expense Current tax Deferred tax Liability/ (Assets) Income Tax {Short/Excess provision) I/JUI l~li ~lipM!~!(Vlllj IX Profit forthe period (VII-VIII) X Other Comprehensive Income Items that will not be reclassified to profit or loss Remeasurements of defined benefit plans Income Tax relating to above Items that will not be reclassified to profit or loss Remeasurements of defined benefit plans Income Tax relating to above Total Other Comprehensive Incom e (X) XI. Total Comprehensive Incom e for the year{IX-X) Net Profit attributable to: a) Owner of the company b) Non Controlling Interest Other Comprehensive (lncome)/Loss attributable to: a) Owner of the company b) Non Controlling Interest Total Comprehensive lncome/(Loss) for the period/year attributab le to: a) Owner of the company b) Non Controlling Interest Net Profit after Tax and Non Controlling Interest Paidup Equity Share Capital (Facevalue ~ 10 each) Other Equity Earnings Per Equity Share- Basic/Dilut ed (Not annualised for quarter ended) Basic/ Diluted Date : 29th October, 2026 Place : Neemrana KRN HEAT EXCHANGER AND REFRIGERATION LIMITED CIN: L29309RJ2017PLC058905 Plot No . F-46147,48,49, EPIP, RIICO Industrial Are a Neemrana, Alwar, Rajasthan, India, 301705 Consolidated Financial Results For The Quarter and Half Year Ended 30th September, '26 For The Quarter Ended 30th Sep, '26 30th June,'26 Unaud ited Unaud ited 31,913.58 25,231.70 748.63 277.76 32,662.21 25,509.46 24,715.08 16,441.22 10.21 921.46 (2,238.59) (260.14) 2,214.80 1,819.26 305 .10 304.12 732.46 646.76 2,337.41 1,403.70 28 076.47 21 276.38 4,585.74 4,233.08 4,585.74 4 233 .08 959.36 763 . 74 15.26 179.78 YIU.I YU!,./ 3,611.12 3 289 .56 (5.37) 19.18 1.13 (4.51) (4.24) 14.67 3 615 .36 3,274.89 3,611.12 3,289.56 (4.25) 14 .67 3,615.36 3,274 .89 3,611.12 3,289 .56 6,545.85 6,545.85 5.52 5.20 30th Sep '25 Unaud ited 15,206.82 239 .27 15 446 .09 1,221.37 10,408 .40 (1,201.27) 1,027.03 86.08 484.60 725.50 12,751.71 2,694.38 2 694 .38 828 .69 63.57 HYUb 1802.12 (3.74) 0.73 (3.01) 1,805.13 1,802 .12 (3.01) 1,805.13 1,802.12 6,215.66 2.90 I{ in lakhs (unless otherwise stated} Half Year Ended 30th Sep,'26 Unaudited 57,145.28 1,026.39 58 171.67 41,156.30 931.68 (2,498.73) 4,034.06 609.22 1,379.22 3,741.11 49 352 .86 8,818 .81 8,818.81 1,723.10 195.04 1,Y18.l~ 6 900.67 13.80 (3.38) 10.42 6,890.25 6,900 .67 10.42 6,890.25 6,900.67 6,545.85 10.72 30th Sep,'25 For and For KRN Unaudited 26,735.03 596.80 27 331.83 10,288.55 10,408 .40 (1,696.46) 1,692.40 155.63 703.10 1,256.93 22,808 .55 4,523.28 4 523 .28 1,366.30 112 .78 lA/Y .UH 3 044 .20 (6.12) 2.08 (4.04) 3 048 .24 3,044.20 (4.04) 3,048.24 3,044.20 6,215 .66 4.90 For Year Ended 31stMar'26 Audited 60,005.77 974.82 60 980.59 24,311.80 21,165.88 (4,298.62) 4,156.36 590 .08 1,876.49 3,422.74 51 224.73 9,755 .86 39.71 9 795. 57 2,382.39 69.09 302.65 7 646 .74 (14.26) 3.98 (10.28) 7,657 .02 7,646.74 (10.28) 7,657.02 7,646.74 6,215 .66 51,183.82 12 .30
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KRN HEAT EXCHANGER AND REFRIGERATION LIMITED CIN: U9309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 Consolidated Financial Results For The Quarter and Half Year Ended 30th September, '26 Notes to Accounts - Consolidated Financial Statement [1] The above Unaudited Consolidated financial results for the Quarter and Half Year ended 30th September, 2026 have been prepared by the Company in accordance with regulation 33 of SEBI (Listing Obligation & Disclosure Requirements) Regulations 2015 (as amended) and were reviewed and recommended by the Audit Committee of the Board and thereafter were approved and taken on record by the board of directors in their meeting held on 29th October, 2026. A limited review of the above result s has been carried out by the statutory auditors of the company. [2] Previous Year's /period's figures have been regrouped/rearranged/ restated/adjusted/rectified wherever considered necessary. [3] Basis of Preparation of the Statement and Adoption of Indian Accounting Standards. The Company has adopted Indian Accounting Standard (IND AS) specified under companies {Indian) Accounting Standard Rules, 2015 [as am mended J precribed under section 133 of the companies act,2013. [4] The Company manufactures fin and tube type heat exchangers for the Heat Ventilation Air Conditioning and Refrigeration Industry ("HVAC&R"). Heat exchangers manufactured by the company are made of non-ferrous metals primarily Copper and Aluminium. Their product range includes condenser coils, evaporator units, evaporator coils, header/copper parts, fluid and steam coils and sheet metal parts. [SJ The Figure for the quarter ended 30th September, 2026 are balancing figures between the un-audlted figures in respect of half year ended on 30th September, 2026 and the quarter figures up to the first quarter ended on 30th June, 2026 and the figure for the quarter ended 30th September 2025 are the balancing figure between the un-audited figures In respect of half year ended on 30th September, 2025 and the un-audited figure for first quarter up to period ended on 30th June, 2025, which were subject to limited review. [6] Segment Reporting is attached herewith. [7) The Proceeds From IPO Net Off Issue Expense Is'.! 31,111.66 Lakhs And Utilisation of the same ls as follows: Particulars Investment in our wholly owned subsidiary, KRN HVAC Products Private Limited in the form of equity for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan ("Proposed Project") General cor orate ur oses Total Planned as per Prospectus 23,575.66 7,536 .00 31111.66 Utilisation of fund 23575.66' 7,536.00 31 111.66 Balance as at 30th Se tember '26 • However, as at September 30, 2026, the entire amount of~ 23,575.66 lakhs invested in the Subsidiary Company has been fully utilised towards the proposed project, and there is no unutilised amount as at the reporting date. l8 J During the quarter 30th June 2026, the Company completed a Qualitied lnstItutIon s Placement ("QIP") In accordance with Chapter VI ot the SEBI {Issue ot Capital and UIsclosure Hequ1rements) Hegulat10ns, 2018 and Sections 42 and 62(1){c) of the Companies Act, 2013. The Issue opened on May 26, 2026 and closed on June 1, 2026. Pursuant thereto, the Fund-Raising Committee at its meeting held on June 1, 2026 approved the allotment of 33,01,886 fully paid-up equity shares of face value~ 10 each to eligible Qualified Institutional Buyers at an issue price of~ 1,060 .00 per equity share {including a premium of l( 1,050.00 per equity share), being a discount of 4 . .53~ lv U11~ rluvt µtlu :! vf ~ 1,114.05 µ~r t:~ullv :,l1d1t: Ut:Lt:11111111::t.l In dL1.U1t.ld11L1:: wlll1 l111:: 31!~1 ICDI\ lll.1::guldl1u11:,, dgg1~~dl111g Lu ~-' "'•' ''·'' ld~l1:,. Th n Orn rnnrlr i;rn m l rr1in !\In t nff lr n 1n li"'rfr nn r n Ir l 11\, 1 ?n l\'i 1,lrhr flnrl I ltil ir , tinn nf th n r , m n ir , r f n ll n111r • Particular Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by our Company Investment in materia l subsidiary, KRN HVAC Products Private Limited for funding working capital requirement• General Cor orate ur oses Total Amount as Proposed in the offer Document 3,000.00 23,525.75 7,653.73 34 179.48 Utilisation of fund 3,000.00 23,525.75 7 653.73 34 179.48 (~ in Lakhs) Total unutilized amount Nil Nil Nil Nil *During the quarter reported, Company has Invested~ 23,S25.75 Lakhs in subsidiary company KRN HVAC Products Private Limited for funding working capital requirements" as per the object detailed in Placement Document through issue of equity shares, out of which subsidiary has utilized 1'. 13,425.75 Lakhs towards its working capital requirement till 30th September 2026 and remaining amount is of 1'. 10,100.00 Lakhs is unutilized and parked in FDs. [9J The Status of investor's complaints during the Period ended on 30th September, 2026 as under:- Complaints pendin g at the beginning of the period Complaints received during the period Complaints disposed during the period Complaints unresolved at the end of the period Date: 29th October, 2026 Place : Neemrana Nil Nil Nil Nil For and on the behalf of Board of Directors For
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Consolidated Se ment Re ortin 1. Segment Revenue India Overseas Total Segment Revenue Inter Segment Sales Income From Operations 2. Segment Results Particulars Profit/floss) Before Finance Costs, Exceptional Items & Tax India Overseas Total Less : Finance Cost Profit/(loss) Before Exceptional Items & Tax Exceptional Items Profit Before Tax 3. Capital Employed a) Segment Asset * India Overseas Total Segment Asset b) Segment liabilities India Overseas Total Segment Liabilities KRN HEAT EXCHANGER AND REFRIGERATION LIMITED CIN: L29309RJ2017PLCOS8905 Plot No. F-46,47148,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 Consolidated Financial Results For The Quarter and Half Year Ended 30th September, '26 1' in Lakhs (unless otherwise stated) For The Quarter Ended Half Vear Ended 30th Sep,'26 Unaudited 30th June,'26 30th Sep '25 30th Sep,'26 30th 5ep,'25 24,575.48 7,338.10 31,913.58 31,913.58 4,890 .84 4,890.84 305.10 4,585 ,74 4,585.74 Unaudited 19,994.00 5,237.70 25,231.70 25,231.70 4,537.20 4,537 .20 304.12 4,233.08 4,233 .08 Unaudited 12,791.34 2,415.48 15,206.82 15,206,82 2,780.46 2,780 ,46 86.08 2,694.38 2,694,38 Unaudited Unaudited 44,569 .48 22,430.75 12,575.80 4,304.28 57,145,28 26,735,03 57,145,28 26,735 .03 9,428.03 4,678.91 9,428 .03 4,678 .91 609.22 155.63 8,818.81 4,523.28 8,818,81 4,523,28 22,905.58 7,363.55 8 243.15 2 089.27 31,148 ,73 9,452.82 /,bb~.28 4,/LU.bU 13 328.71 10,717.57 20,997 ,99 15,438.17 • The figures disclosed In segmenc osser above are gross amounc l.e before ECL provision. 4. Countr y Wise Export Revenue ueto 30th Saetambar, 2026 /lll\ itl°J Ooll1Gi1t Belgium Brazil Canada Croatia France Italy Nepal Netherlands Norway Sn Lanka United Arab Emirates United Kingdom USA Vietnam Total Segment Revenue ~ For Year Ended 31st Mar'26 Audited 50,060.10 9 945.67 60,005.77 60,005 .77 10,345.94 10,345.94 590.08 9,755,86 39.71 9,795,57 9,486.24 8 102.18 17,588.42 4,~/2.Ul 10 851.33 15,823.35 " in lakhs HIH h 11 1.09 95.35 1,611.67 1.01 1,593.03 961.54 69.17 8.14 1.30 282.47 806.72 997.51 5,501.30 639.15 12,575,80
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KRN HEAT EXCHANGER AND REFRIGERATION LIMITED CIN:L29309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 CONSOLIDATED BALANCE SHEET AS AT 30TH SEPTEMBER '26 " in Lakhs (unless otherwise stated) Sr. No. Particulars ASSETS A Non-Current Assets a) Property Plant & Equipments and Intangible asset b) Intangible Assets c) Capital Work-in-progress d) Financial Assets - Other Financial Assets e) Deferred Tax Assets (Net) Total Non-Current Assets R rmrPnt A'i'iPt'i a) Inventories b) Financial Assets - Investments - Trade receivables - Cash and Cash Equivalents - Other Bank Balances - Loans - Other Financial Assets c) Other Current Assets d) Other Tax Assets (net) Total Current Assets TOTAL ASSETS II EQUITY AND LIABILITIES 1 EQUITY a) Equity Share capital b) Other Equity - attributable to owners of the company Equity attributable to shareholders of the company 2 NON - CONTROLLING INTEREST As at 30th Sep, '26 Unaudited 32,887.57 122.66 3,787.03 426.64 113.92 37,337.82 37,951.70 3,114.47 30,895.25 14,133.52 1,315 .74 171.41 443 .65 11,973 .80 642.53 1,00,642.07 1,37,979.89 6,545 .85 91,880.12 98,425.97 As at 31st March, '26 Audited 31,281.46 101.83 3,334 .18 151.29 34,888.78 27,290.97 17,470.97 998.79 3,645 .60 7.12 79.06 8,557.85 262.48 58,312.84 93,181.60 6,215.66 51,183 .82 57,399.48 Total Equity ____ _ __ 9_8...:..,4_2_5_.9_7 _ _ _____ 5_7...:..,3_9_9_.4_8_
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KRN HEAT EXCHANGER AND REFRIGERATION LIMITED CIN:L29309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 CONSOLIDATED BALANCE SHEET AS AT 30TH SEPTEMBER '26 "in Lakhs (unless otherwise stated) Sr. No. Particulars 3 LIABILITIES A Non-Current Liabilities a) Financial Liabilities - Long Term Borrowings b) Long Term Provisions c) Deferred Tax Liabilities (Net) Total Non-Current Liabilities B Current Liabilities a) Financial Liabilities - Short Term Borrowings - Trade payables (i) Tot;il out:;t;inding due:; or other th;in Micro Enterprl:;e ;ind Small Enterprises (ii) Total outstanding dues of Micro Enterprise and Small Enterprises b) Short-Term Provisions c) Other Current Liabilities d) Current Tax Liabilities (Net) Total Current Liabilities Total Liabilities TOTAL EQUITY & LIABILITIES As at 30th Sep, '26 Unaudited 15.07 262.75 347.74 625.56 15,302.76 19,445 .35 1,552.64 673.65 1,644 .72 309.24 38,928.36 39,553.92 1,37,979.89 As at 31st March, '26 Audited 21.47 160.18 42.15 223.80 18,709 .80 13,269.37 2,553.98 349 .86 381.11 294 .20 35,558.32 35,782.12 93,181.60 For and on the behalf of Board of Directors Date : 29th Oct, 2026 Place : Neemrana . .,.3,. 1 , , for KRN Heat Exchanger and Refrigeration Limited ,,., ')()' <1.Y0=:)c. / ~- ~ ~ ~ Neemrana ~ t+ ,f: Jo • ~'"' ::I • 9 antosh Ku ar adav Chairman & anaging Director (DIN: 07789940)
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KRN HEAT EXCHANGER AND REFRIGERATION LIMITED CIN: L29309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 Consolidated Cash Flow Statement For The Period Ended 30th September, '26 ~ in Lakhs (unless otherwi se stated) Particulars For The Year Ended For The Period Ended CASH FLOW FROM OPERATING ACTIVITIES Net profit Before Tax and Extraordina ry !teams Adjustments For: Deprecia t ion Prior Period Item Provision for Gratuity and Leave Enchament Adjustmen t Related to OCI Interest Received Profit/Loss on Sale of Fixed Assets Changes to other equity Interest and Finance Charges Opernting Profit before working cilpitill chilnges Adjustment For: Changes in Inventorie s Changes in Trade receivables Changes in Other Fi nancial Asset Changes in Other Current Asset Changes in Short-term loans and advances Changes in Trade Payables Changes in Short Term Provision s Changes in Long Term Provisions Changes in Other Current Liabilities Cash Generated from Operations Taxes Paid Activities A Cash Flow From Investing Activiti es (Purchase) of Fixed Assets/ Capit al Work In Progress Sale of Fixed Asset s Changes in Current Investments Advance for Capital Goods Change in Other Bank Balance Changes in Othe r Financial Asset Interes t Received Net Cash From Used In lnvestin Activities B 30th Sep, '26 30th Sep, '25 Unaudited 8,818.81 1,379 .22 99.65 (13.80) (547.01) (68.99) 609.22 10,777 10 (10,660 .73) (13,424.27) (364.59) (3,623 .93) (164.29) 5,174 .63 224 .14 102 .57 1,263 .60 (11,195 .77) (2,088 .10) 13 283.87 (3,459 .02) (3,114.4 7) 207.99 2,329.85 (275 .35) 547.01 3 763.99 Unaudited 4,523 .28 703 .10 41.17 6.12 (299.82) (14.42) (66.99) 155.63 (9,390 .83) (13.43) 6.99 746.59 7.57 9,905.98 (120.93) (13.07) 467 .05 6,643.99 (983.80) 5 660.19 (13,409 .37) 24.83 7,819.89 (7.63) 299.82 5 272.46
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KRN HEAT EXCHANGER AND REFRIGERATION LIMITED CIN:L29309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industri al Area Neemrana, Alw ar, Rajasthan, India, 301705 Consolidated Cash Flow Statement For The Period Ended 30th September, '26 ~ in Lakhs (unl ess oth erwis e stated) Particulars For The Year Ended 30th Sep, '26 Unaudited For The Period Ended 30th Sep, '25 Unaudited Cash Flow From Financing Activities Interest and Finance Charges Proceeds fro m Issue of Shares Security Premium Changes in Short Term Borrowi ng Repayment of Long Term Borrowing Net Cash From Financing Activities (cl Net Increase/ (Decrease) in Cash (A)+(B)+(C) Cash and Cash equivale nts at the beginning of the year Cash and Cash equivalents at the end of the period (609.22) 330 .19 33,875 .05 (3,407.03) (6.40} 30,182.59 13,134 .73 998.79 14,133.52 (155.63} (232.74} (66.88) (455.25) (67.52} 1,026 .33 958.82 NOTE: The above cash flow has been prepar ed under th e "Indirect Method" as set out in Indian Accounting Standard (Ind AS} 7 - statement of cash flow s. Date : 29th October, 2026 Place : Neemrana For ,mli on thfl hAhalf of Roan'l of nirnr.tnrl'i I 6r llUN 11~&! Lllfh1!11t~I· l!IUI ll~fl'lt~rl!tl61\ Llmlt~d -," l('f;: '-._ h K av an ing Director 7789940)
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(~) ~~~~E ~~:~u~S~; CA l<EYUR SHAH FCA, B.Com, ISA, FAFD Certified Independent Auditor's Limited Review Report on the Unaudited Consolidated Financial Results of the Company for the quarter and half year ended 30th September '26 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. To, The Board of Directors of, KRN HEAT EXCHANGER AND REFRIGERATION LIMITED We have reviewed the accompanying Statement of Unaudited Consolidated Unaudited Financial Results of KRN Heat Exchanger And Refrigeration Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter and half year ended 30th September '26 ("the Statement"), being submitted by the Parent pursuant to t he requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. This Statement, which is the responsibility of the Parent's Management and approv ed by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34) "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independ ent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for finan cial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable . 303, Shitiratna, B/s. Radisson Blu Hotel, Nr. Panchvati Circle, Ambawadi, Ahmedabad -380006. Ph. : +917948999595 I M. : +91999 8484 564 • Website: www.keyurshahca.com ' E-mail : keyur@keyurshahca.com, ca.keyurshah2015@gmail.com
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The Statement includes the results of the following entities: 1. KRN HVAC Products Private Limited ("Subsidiary") 2. Thermotech Research Laboratory Private Limited ("Subsidiary") Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the statement provided by the Management related to subsidiary, noth ing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. The accompanying Statement includes the unaudited interim financial results/ financial information in respect of: 2 Subsidiaries which has not been reviewed by us, whose unaudited interim financial results reflect total revenue of Rs. 23,984.39 Lakhs and Rs. 40,517.14 Lakhs for. the quarter and half year ended 30th September '26, total profit after tax of Rs. 2,055.41 and Rs. 3,478.13 Lakhs for the quarter and half year ended 30th September '26 and total Other Comprehensive Income of Rs. 2,057.75 Lakhs and Rs. 3,477.14 Lakhs for the quarter and half year ended 30th September '26, as considered in the Statement. These interim financial results have been reviewed by the subsidiary's independent auditors under generally accepted auditing standards and their review report has been furnished to us by the Management, and our conclusion in so far as it relates to the amount s and disclosures included in respect of this subsid:ary is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the statement is not modified in respect of the above matters . For, Keyur Shah & Co. Chartered Accountants KeyurShah Proprietor M. No. 153774 UDIN: -26153774YZVFHP8452 Date: - 29th October, '26 Place: - Ahmedabad
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Particulars Income Revenue from operatio ns II. Other Income Ill.Total Income (I + II) IV Expenses: Cost of mate rials consumed Purchase of Stock-in-trade Changes in Inventor ies of Finished Goods, Work- In Progress and Stock-In-Trade Employee benefit expenses Finance costs Depreciation and amortisatio n expense Other expenses Total expenses (IV) KRN Heat Exchanger and Refrige ration Limited CIN: l29309RJ2017PLC058905 Plot No . F-46,47 ,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar , Rajasthan, India, 301705 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 " in lakhs (unless otherwise stated) For The Quarter Ended Half Year Ended 30th Sep,'26 30th June,'26 30th Sep'2S 30th Sep'26 30th Sep, '25 Unaudited Unaudited Unaudited Unaudited Unaudited 16,706.54 18,197.15 22,342.50 34,903.69 33,782.40 300.81 242 .17 378.S3 542.98 652.56 17,007.35 18,439 .32 22,721.03 35,446.67 34,434.96 13,024.44 11,162.31 7,905.28 24,186.75 16,813.50 1,506.87 3,375.03 10,408 .40 4,881.90 10,408.40 (875.53) 187.80 46.27 (687.73) (373. 79) 468.73 446.26 587.94 914.99 1,120.58 138.20 132 .99 80.50 271. 19 143.64 77.17 71.84 94.18 149.01 187 . 72 582.65 558. 73 434.87 1,141.38 875. 13 14,922.53 15,934.96 19,557.44 30,8S7.49 29,175.18 V Profit Before Prior Period and Exceptional Item (Ill - IV) 2,084.82 2,504 .36 3,163.59 4,589.18 5,259.78 VI Prior Period Item/Exceptional Item VII Profit before tax (V-VI) VIII Tax expense Current tax Deferred tax Liability/ (Assets) Income Tax (Short/Excess provision) Total Tax expenses (VIII) IX Profit for the period (VII-VIII) X Other Comprehensive Income Items that will not be reclassified to profit or loss Remeasurements of defined benefit plans Income Tax relating to above lcems that wlll be reclassl11ed to profit or loss Remeasurements of defined benefit plans Income I ax relating to above Total Other ComprP.hPMiVP lncnmP (X) XI. Total Compr ehensive Income for the year(IX-X) Paldup Equity Share Capital (Facevalue ~ lU each) Ol111::r E4uily Earnings Per Equity Share- Basic/Diluted (Not annualised for quarter ended} Basic/ Diluted Date : 29th Octob er, 2026 Place : Neemrana 2,084 .82 534.69 (5.56) 529.13 1,555 .69 (2.55) 0.64 (1 .S1) 1 557.60 b,040.80 2.37 2,504.36 3,163.59 4,589 .18 5,259.78 641.75 828.69 1,1 76.44 1,366.30 (4.23) (30.77) (9.79) (40.75) 637.52 797.92 1,166 .65 1,325.55 1,866 .84 2,365 .67 3,422 .53 3,934 .23 15.16 (1.09) 12 .61 (12.80) (3.82) 0.27 (3.17) 3.22 11 34 (0.82) 9.44 (9.S8) 1 855.50 2 366.49 3,413.09 3,943.81 b,545.85 6,215.66 6,545.85 6,2 15 .66 2.95 3.81 5.32 For Year Ended 3lstMar '26 Audited 67,6 23.01 1,372.29 68,995.30 34,979.78 21,165.88 (723 . 79) 1,844. 16 398 .12 341.42 1,878.07 59,883 .64 9,111.66 39.71) 9,151 .37 2,38 2.39 (58.90) (302.65) 2,020 .84 7,130.53 (19.08) 4.80 (14.28) 7,14_4.81 6,2 15.66 ,u,4ol.3U
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KRN Heat Exchanger and Refrigeration Limited CIN: L29309RJ2017PLCD58905 Plot No. F-46,47,48,49, EPIP, R/ICO Industrial Area Neem rana, Alwa r, Rajasthan, India, 301705 Notes to Accounts -Standalone Financial State ment [1] The above Unaudited standalone financial results for the Quarter and Half Year ended 30th September, 2026 have been prepared by the Company in accordance with regulation 33 of SEBI (Listing Obligation & Disclosure Requirements) Regulations 2015 (as amended) and were reviewed and recommended by the Audit Committee of the Board and thereafter were approved and taken on record by the board of directors in their meet ing held on 29th October, 2026. A limited review of the above results has been carried out by the statutory auditors of the company. [2 ] Previous Year's /per iod's figures have been regrouped/rearranged/ restated/a djusted/rectified wherever considered necessary. (3) Basis of Preparation of the Statement and Adoption of Indian Accounting Standards. The Company has adopted Indian Accounting Standard (IND AS) specified under companies (Indian) Accounting Standard Rules, 2015 {as am mended] precribed under section 133 of the companies act,2013. [4] The Company manufactures fin and tube type heat exchangers for the Heat Ventilation Air Conditioning and Refrigeration Industry ("HVAC&R"). Heat exchangers manufactured by the company are made of non ferrous metals primar ily Copper and Aluminium. Their product range includes condenser coils, evaporato r units, evaporator coils, header/copper parts, fluid and steam coils and sheet metal parts. [5] The Figure for the quarter ended 30th September, 2026 are balancing figures between the un-audlted figures in respect of half year ended on 30th September, 2026 and the quarter figures up to the first quarter ended on 30th June, 2026 and the figure for the quarter ended 30th September 2025 are the balancing figure between the un-audited figures In respect of half year ended on 30th September, 2025 and the un-audited figure for first quarter up to period ended on 30th June, 2025, which were subject to limited review. [6] Segment Reporting is attached herewith. {7) The Procee ds From IPO Net Off Issue Expense Is~ 31,111.66 Lakhs And Utilisat ion of the same is as follows: Particulars Investment in our wholly owned subsidiary, KRN HVAC Products Private Limited in the form of equity for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan ("Proposed Project") General car orate ur oses Total Planned as per Prospectus 23,575.66 7,536.00 3111 1.66 Balance as at 30th Utili satio n of fund Se tember '26 23,575.66 7,536.00 31111 .66 • However, as at September 30, 2026, the enti re amount of~ 23,575.66 lakhs invested in the Subsidiary Company has been fully utilised towards the proposed project, and there is no unutilised amount as at the reporting date. (8] During the quarter 30th June 2026, the Company completed a Qualified Institutions Placement ("QIP") in accordance with Chapter VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 'il nd Sect1onr '1 1 and 6] (1J(c) ot tho Comp :mior /\ct, JOU. Tho l[[ uO oponod on M :w Ji, JOJi Jnd clocod on Juno 11 :10:li, rurcu :rnt thoroto, tho Fund Ra icing Committoo at itc mooting hold on Juno 11 3036 opprovod the allotment of .:L:!,Ul,HHL lully paid-up ~4u1ly !>l1d1e!> ul ldLe vdlue I(, 10 edd1 tu d1g1Lile tiudlli1eU lmt.lul1u11dl !!uyec!> dl dll i!>!>Ue µriLe ul !(; 1,060.00 µe, equity !>hcJre (induJi11g d µ1erniurn ul ~ 1,050.00 per equily share), being a discount of 4.HYro to the floor pnce of~ 1,114.U~ per equity share determined m accordance with the ~1:1::H IClJH Hegulat1ons, aggregating to :t. 34,999.99 lakhs. The Proceeds From Issue Net Off Issue Expense Is~ 34,179 .48 Lakhs And Utilisation of the same is as follows : Particulars Repayment and/or pre-payment, in full or m part, of certain outstanding borrowings availed by our Company Investment in material subsidiary, KRN HVAC Products Private Limited for funding working capital requirement • General Corporate purposes Tota l ~ in Lakhs Amount as Proposed in the offer Document Utilisation offund Tota l unut ilize d amount 3,000.00 23,525.75 7,653.73 34,179 .48 3,000.00 23,525.75 7,653.73 34,179.48 Nil Nil Nil Nil *During the quarter reported, Company has Invested~ 23,525.75 lakhs in subsidiary company KRN HVAC Products Private limited for funding working capital requirements" as per the object detailed in Placement Document through issue of equity shares, out of which subsidiary has utilized!( 13,425.75 Lakhs towards its wor king capital requirement till 30th September 2026 and remaining amount is of!( 10,100.00 Lakhs is unuti lized and parked in FDs. [91 The Status of investo r's complaints during the Period ended on 30th September, 2026 as under :- Complaints pending at the beginning of the period Complaints received during the period Complaints disposed during the period Complaints unresolved at the end of the period Nil Nil Nil Nil For and on the behalf of Board of Directors For KRN Heat Exchanger and Refrigeration Santosh Kumar Yadav Date: 29th October, 2026 Chairman & Ma naging Directo r --'P'-'l""ac,,e'-':-'-N'-'e"'e"-m"-ra""n-"a'----------------------- - ---------- -'t-"::b....:s.,s:--- -+-,-,<-.+-s~I------ {DIN: 07789940)
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Standalone Se ment Re ortin KRN Heat Exchanger and Refrigeration limited CIN: L29309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 JI! in Lakhs (unless otherwise stated) Particulars For The Quarter Ended I Half Year Ended 1. Segment Revenue India Overseas Total Segment Revenue Inter Segment Sales Income From Operations 2. Segment Results Profit/(loss) Before Finance Costs, Exceptional Items & Tax India Overseas Total Less: Finance Cost Profit/(loss) Before Exceptional Items & Tax Prior Period/ Exceptional Item Profit Before Tax 3. Capital Employed a) Segment Asset • India Overseas Total Segment Asset b) Segment liabilities India Overseas Total Segment liabilities 30th Sep,'26 Unaudited 15,983.49 723.05 16,706 .54 16,706.54 2,223.02 2,223 .02 138.20 2,084.82 2,084 .82 ,. The figures disclosed in segment asser above are gross amount i.e before ECL provision. l l'ouniry WI,. fxporl rluvonuu for porlod ondod lfflh top, ,ffn Austria Canarta lroatra France Italy Vietnam United Arab Emirates USA Total Segment Revenue 30th June,'26 Unaudited 15,463.64 2,733.51 18,197 .15 18,197.15 2,637.35 2,637.35 132.99 2,504.36 2,504.36 30th Sep'25 30th Sep,26 30th Sep, '25 Unaudited Unaudited Unaudited 20,148.76 31,447.13 29,699.86 2,193.74 3,456.56 4,082.54 22,342 .50 34,903 .69 33,782.40 22,342.50 34,903.69 33,782.40 3,244.09 4,860 .37 5,403.42 3,244 .09 4,860.37 5,403.42 80.50 271.19 143.64 3,163.59 4,589.18 5,259 .78 3,163.59 4,589.18 5,259.78 30,016.91 19,195.44 1,526.24 2 080.41 31,543.15 21,275.85 3,240.18 4,525.14 5 239.11 8 848. 78 8,479.29 13,373 .92 For Year Ended 31st Mar'26 Audited 58,393.61 9,229.40 67,623 .01 67,623.01 9,589.20 9,589.20 398.12 9,191.08 39.71 9,151.37 14,155.15 4,839.22 18,994.37 1,014.58 4 919.50 5,934.08 1, In Gkh,! 0.03 nR.% i.Ui 1,583.49 492.82 367.98 189.41 682.86 3,456 .56
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KRN Heat Exchanger and Refrigeration Limited CIN:L29309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 STANDALONE BALANCE SHEET AS AT 30th SEPTEMBER, '26 ~ in Lakhs (unless otherwise stated) Sr. No. Particulars ASSETS A Non-Current Assets a) Property Plant & Equipments and Intangible asset b) Intangible Assets c) Financia l Assets - Investments - Other Financial Assets d) Deferred Tax Assets (Net) B Current Assets a) Inventories b) Financial Assets - Trade receivab les - Cash and Cash Equivalents - Other Bank Ba lances - Loans Other Fln:inci:il /\,,ct, c) Other Current Assets II EQUITY AND LIABILITIES 1 EQUITY a) Equity Share capita l Total Non-Current Assets Total Current Assets TOTAL ASSETS b) Other Equity - attributable to owners of the company Total Equity 2 LIABILITIES A Non-Current Liabilities a) Financia l Liabilities - Long Term Borrowings b) Long Term Provisions Total Non-Current Liabilities As at 30th Sep, '26 Unaudited 2,363.48 3.96 58,592 .36 87 .88 113.92 61,161.60 8,291.76 31,391.40 3,368 .09 454 .51 5,111.lU 188.5'1 493 .79 49,400.29 1,10,561.89 6,545 .85 87,671.52 94,217.37 15.07 134.37 149.44 As at 31st March'26 Audited 2,252.9 5 4.64 35,066.61 20.13 100.97 37,445.30 7,400.25 18,906 .87 209.33 3,125.14 /J,837.57 6'1 .80 272.01 34,815.97 72,261.27 6,215.66 50,452 .30 56,667.96 21.47 91.77 113.24
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Sr. No. KRN Heat Exchanger and Refrigeration Limited CIN: L29309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 STANDALONE BALANCE SHEET AS AT 30th SEPTEMBER, '26 "in Lakhs (unless otherwise stated) Particulars As at 30th Sep, '26 Unaudited As at 31st March'26 Audited B Current Liabilities a) Financial Liabilities - Short Term Borrowings - Trade payables (i) Total outstanding dues of other than Micro Enterprise and Small Enterprises (ii) Total outstanding dues of Micro Enterprise and Small Enterprises b) Short-Term Provisions c) Other Current Liabilities d) Current Tax Liabilities (Net) Date : 29th October, 2026 Place : Neemrana Total Current Liabilities Tot11I Li11 bilitio TOTAL EQUITY & LIABILITIES 7,196 .91 8,138.91 340.39 126.10 83.53 309.24 16,195.08 lG,)44 .!;2 1,10,561.89 For and on the behalf of Board of Directors 9,053 .25 5,685.91 248.17 104.85 93.69 294.20 15,480.07 l!;,!;!IJ.)1 72,261.27 For KRN Heat Exchanger and Refrigeration Limited Chairman & Managing Director (DIN: 07789940)
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KRN Heat Exchanger and Refrigeration Limited CIN:L29309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 STANDALONE CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30th Septmber, '26 a{ in Lakhs (unless otherwise stated) Particulars For The Period Ended For The Period Ended CASH FLOW FROM OPERATING ACTIVITIES Net profit Before Tax and Extraordinary !teams Adjustments For: Depreciation Provision for Gratuity and Leave Encashment Adj ustment Related to OCI Interest Received Changes in other Equity Profit /Loss on Sa le of Fixed Assets Interest and Finance Charges Operating Profit before working capital changes Adjustment For: ChJngc~ in lnvcntoric~ Cl11rnge! in Tr! ci e 1·e.:eiv! ble! Changes in Other Financial Asset Changes in Other Current Asset Changes in Trade Payables Changes in Short Term Provisions Changes in Long Term Provisions Changes in Other Current Liabilities Cash Generated from Operations Taxes Paid Net Cash From /(Used In ) Operating Activities (A) Cash Flow From Investing Activities (Purchase) of Fixed Asset/ Capital Work In Progress Sale of Fixed Assets Change in Other Bank Balance Changes in Other Financial Asset Interest Received Changes in Non-Current Investment Net Cash From /(Used In ) Investing Activities (B) 30th Sep, '26 30th Sep, '25 Unaudited Unaudited 4,589.18 5,259.78 149 .01 187.72 33.62 10.16 {12.61) 12.80 {136.97) (127 .20) {68.99) {66.99) {14.42) 271.19 143 .64 4,824 .43 5,405.49 (S'Jl.51 ) 2,760 .75 (12,404.'..iJ) {11,0GJ.1J) (123.74) (454 .91) (221.78) 888.48 2,545.21 8,106.81 (12 .26) {125.81) 42.60 (15.62) {10.16) 405.03 (6,331.74) 5,107.09 (1,161.40) {824.49 ) (7,493.14) 4,282.60 (258 .87) {11.06 ) 24.83 2,670.63 23.89 {67.75) {1.02) 136.97 127.20 {23,525 .75 ) (21,044.77) 163.84 - - -0\)Pf /': '-._
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KRN Heat Exchanger and Refrigeration Limited CIN:L29309RJ2017PLC058905 Plot No. F-46,47,48,49, EPIP, RIICO Industrial Area Neemrana, Alwar, Rajasthan, India, 301705 STANDALONE CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30th Septmber, '26 "in Lakhs (unless otherwise stated) Particulars For The Period Ended For The Period Ended Cash Flow From Financing Activities Proceeds from Issue of Shares Security Premium Interest and Finance Charges Changes in Short Term Borrowing Changes in Short-term loans and advances Repayment of Long Term Borrowing Net Cash From Financing Activities (c) Net Increase/ (Decrease) in Cash (A)+(B)+(C) Cash and Cash equivalents at the beginning of the year Cash and Cash equivalents at the end of the year 30th Sep, '26 30th Sep, '25 Unaudited 330.19 33,875.05 (271.19) (1,856.34) (374.63) (6.40) 31,696.68 3,158.77 209.33 3,368.09 Unaudited (143.64) (3,049 .45) (646.81) (66 .89) (3,906 .79) 539.65 78.5 7 618.22 NOTE: The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounti ng Standard (Ind AS) 7 - statement of cash flows. Date : 29th October, 2026 Place : Neemrana Fnr ;11nrt nn th111 hAh~lf nf rln~rrt nf nirl'!rtnr~ -;;-,r I'; '---... For KRN Heat Exchanger and Refrigeration Limited "0'o 1)0'" 0+0 -- • • " t \ -:::: -9\ Santos Chairman & Managing Director (DIN: 07789940)
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(~J ~~~~E ~~~~u~S~; CA l(EYUR SHAH FCA, B.Com, ISA, FAFD Certified Independent Auditor's Limited Review Report on Unaudited Standalone Financial Results of the Company for the quarter and half year ended 30th September, '26 pursuant to Regulation 33 of Securities and Exchange Board of India {Listing Obligations and Disclosure Requirements) Regulations, 2015. To, The Board of Directors of, KRN HEAT EXCHANGER AND REFRIGERATION LIMITED We have reviewed the accompanying the statement of unaudited standalone financial results of KRN HEAT EXCHANGER AND REFRIGERATION LIMITED for the Quarter and Half year ended 30th September, '26 attached herewith, being submitted by the company pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This Statement, which is the responsibility of the Company Management and approved by the Company Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34) "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 "Review of Interim Financial Information performed by the independent Auditor of the Entity", issued by the institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. 303, Shitiratna, B/s. Radisson Blu Hotel, Nr. Panchvati Circle, Ambawadi, Ahmedabad-380006 . Ph. : +91 79 48999595 I M. : +91 999 8484 564 • Website : www.keyurshahca .com E-mail : keyur@keyurshahca.com, ca.keyurshah2015@gmail.com
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A review is limited primary to inquire of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit and consequentl y does not enable us to obtain assurance that we would become aware of all significant matter s that might be identified in an audit . Accordingly, we have not performed an audit and accordingly, we do not express an audit opinion. Based on our review conducted as stated above, nothing has come to our attent ion that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable Indian Accounting standard ("Ind AS") and oth er recognized accounting practices and policies as amended, read with relevant rules issued th ereunder and other accounting principles generally accepted in India, has not disclosed the infor mation require to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. For, Keyur Shah & Co. Chartered Accountants F.R.No. 141173W KeyurShah Proprietor M. No. 153774 UDIN: -26153774STQIRW3434 Date: - 29th October, '26 Place: - Ahmedaba d