KRN Heat Exchanger and Refrigeration Limited

rs,

J2017PLC058905 Contact No. 9116629184 Date: 12th May, 2025 To, BSE Ltd Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001, Maharashtra, India To, National Stock Exchange of India Limited

10.95%

4.33 135.83 98.74 6.92 6.95 112.61 18.89 14.37 0.92 1.18 21.12 6.25 14.87 0.04 14.83 10.95% Q4 FY24 YoY In ₹ Cr 82.00 1.69 83.69 58.10 2.50 3.82 64.42 17.58 21.43% 1.01 0.96 17

21.43%

7 0.04 14.83 10.95% Q4 FY24 YoY In ₹ Cr 82.00 1.69 83.69 58.10 2.50 3.82 64.42 17.58 21.43% 1.01 0.96 17.30 5.25 12.05 0.06 11.99 14.39% 40.79% 20.63% 34.25% 34.32% 5 FY25 - Pro

14.39%

1.69 83.69 58.10 2.50 3.82 64.42 17.58 21.43% 1.01 0.96 17.30 5.25 12.05 0.06 11.99 14.39% 40.79% 20.63% 34.25% 34.32% 5 FY25 - Profit & Loss Statement - Consolidated Particulars Rev

40.79%

3.69 58.10 2.50 3.82 64.42 17.58 21.43% 1.01 0.96 17.30 5.25 12.05 0.06 11.99 14.39% 40.79% 20.63% 34.25% 34.32% 5 FY25 - Profit & Loss Statement - Consolidated Particulars Revenues O

20.63%

.10 2.50 3.82 64.42 17.58 21.43% 1.01 0.96 17.30 5.25 12.05 0.06 11.99 14.39% 40.79% 20.63% 34.25% 34.32% 5 FY25 - Profit & Loss Statement - Consolidated Particulars Revenues Other Inc

34.25%

0 3.82 64.42 17.58 21.43% 1.01 0.96 17.30 5.25 12.05 0.06 11.99 14.39% 40.79% 20.63% 34.25% 34.32% 5 FY25 - Profit & Loss Statement - Consolidated Particulars Revenues Other Income Tot

34.32%

64.42 17.58 21.43% 1.01 0.96 17.30 5.25 12.05 0.06 11.99 14.39% 40.79% 20.63% 34.25% 34.32% 5 FY25 - Profit & Loss Statement - Consolidated Particulars Revenues Other Income Total Incom

15.47%

it Margin (%) Investor Presentation FY25 130.84 1.32 132.16 97.77 6.17 6.66 110.60 20.24 15.47% 0.91 0.90 19.75 6.00 13.75 0.03 13.72 FY24 81.95 1.60 83.55 58.11 2.19 3.75 64.05 1

21.84%

0.90 19.75 6.00 13.75 0.03 13.72 FY24 81.95 1.60 83.55 58.11 2.19 3.75 64.05 17.90 21.84% 1.00 0.89 17.61 5.22 12.39 0.06 12.33 In ₹ Cr YoY 39.82% 20.50% 25.79% 25.86% 10.40%

39.82%

58.11 2.19 3.75 64.05 17.90 21.84% 1.00 0.89 17.61 5.22 12.39 0.06 12.33 In ₹ Cr YoY 39.82% 20.50% 25.79% 25.86% 10.40% 14.83% 6 FY25 Export Revenue: A Testament to Strong Global Deman

20.50%

.19 3.75 64.05 17.90 21.84% 1.00 0.89 17.61 5.22 12.39 0.06 12.33 In ₹ Cr YoY 39.82% 20.50% 25.79% 25.86% 10.40% 14.83% 6 FY25 Export Revenue: A Testament to Strong Global Demand FY25

“Since 2020 30 Geographical Wise Revenue Breakup FY25 In % FY24 In % FY23 In % 0.05 0.07 15.69 14.68 84.31 85.26 11.40 88.53 Domestic Sales Export Sales Other Operating Income Particulars Domestic Sales Export Sales Other Operating Income Total The FY23 figures are standalone, while the FY24 and FY25 figures are consolidated.”

“The Indian HVAC market is projected to reach $30 billion by 2030, growing at a CAGR of 15.8%, offering substantial opportunities for both local and international manufacturers.”

“Source: ITD Investor Presentation 34 Growth Forecast In Indian Finned Tube Heat Exchanger Market”

“The Indian heat exchanger tubes market is expected to grow from USD 856.4 million in 2024 to USD 1,428.4 million by 2033, at a CAGR of 5.6%.”

“Government programs like SECI’s planned 500-MW concentrated solar-thermal project are boosting demand for advanced heat exchanger tubes, supporting renewable energy infrastructure growth.”

“Source: imarc Investor Presentation 35 Financial Overview Key Financial Statement Total Income EBITDA EBITDA Margin% Net Profit Net Profit % 441.71 70.51 313.74 49.09 250.02 39.39 33.55 58.45 52.88 19.83 18.96 16.40 13.42 12.55 11.97 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 The FY23 figures are standalone, while the FY24 and FY25 figures are consolidated.”

“Investor Presentation All Amount In ₹ Cr & Margins In % 37 Profit & Loss Statement Particulars Revenues Other Income Total Income Raw Material Employee costs Other expenses Total Expenditure EBITDA EBIDTA (%) Finance Costs Depreciation PBT Tax Net Profit Total Comprehensive Income For The Year Net Profit Margin (%) The FY23 figures are standalone, while the FY24 and FY25 figures are consolidated.”

“Investor Presentation 40 Key Ratios 57.95 ROE 30.23 (In %) 48.57 ROCE 26.39 FY23 FY24 10.60 FY25 FY23 FY24 (In %) 12.38 FY25 Debt to Equity Ratio (In Times) Interest Coverage Ratio (In Times) 0.63 0.46 14.47 13.66 19.31 FY23 FY24 The FY23 figures are standalone, while the FY24 and FY25 figures are consolidated.”

“Investor Presentation 0.07 FY25 FY23 FY24 FY25 41 Key Ratios Current Ratio (In Times) Receivable Turnover Ratio (In Times) 4.52 6.40 5.88 4.62 1.58 1.66 FY23 FY24 FY25 FY23 FY24 FY25 Earnings Per Share (In ₹) Book Value Per Share (In ₹) 7.62 8.76 9.75 80.22 FY23 FY24 FY25 The FY23 figures are standalone, while the FY24 and FY25 figures are consolidated.”

“Investor Presentation 13.16 FY23 28.24 FY24 FY25 42 The Way Forward SWOT Analysis Strengths Weakness Opportunities Threats • Promoters exhibit strong leadership and are supported by highly experienced senior management.”

Quality Control

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Product Design

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Location

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Area

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Market Growth Projection

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Investments

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Advancements

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Government Initiatives

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Products to be manufactured

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Product Design

Continuous investment in product design and development. Investor Presentation 26 Advanced Coatings For Heat Exchanger Durability Nano Coating Powder Coated with Nano Coating Bly Gold Coating To enhance the longevity and corrosion resistance of heat exchangers and their components, advanced coatings such as nano coating and powder coating are applied to surfaces including copper tubes, brazing joints, and fin sheets. Investor Presentation Nano coating provides a thin, protective layer at the nanoscale, offering enhanced corrosion resistance, improved longevity, self-cleaning properties, and reduced fouling. This coating helps prevent corrosive elements from reacting with the metal, extends component life, and reduces maintenance needs. Powder coating, on the other hand, involves electrostatically applying a dry powder that is then cured under heat, resulting in a durable, scratch-resistant, and corrosion-resistant finish It ensures uniform coverage, even on complex shapes, and allows f

Area

1,00,000 Sq.ft Investor Presentation 29 Trusted By Industry Titans: Marquee Clients Daikin Airconditioning India Private Limited (since 2018) Schneider Electric IT Business India Private Limited (since 2019) Kirloskar Chillers Private Limited (since 2020) Climaventa Climate Technologies Private Limited (since 2021) Knorr-Bremse India Private Limited Since 2020 Blue Star Limited (since 2021) Carrier Air Conditioning & Refrigeration Limited Since 2019 Investor Presentation Voltas Limited Since 2019 Trosten Industries Company LLC. Since 2020 30 Geographical Wise Revenue Breakup FY25 In % FY24 In % FY23 In % 0.05 0.07 15.69 14.68 84.31 85.26 11.40 88.53 Domestic Sales Export Sales Other Operating Income Particulars Domestic Sales Export Sales Other Operating Income Total The FY23 figures are standalone, while the FY24 and FY25 figures are consolidated. Investor Presentation FY25 362.40 67.45 0.00 429.85 FY24 262.85 45.27 0.16 308.28 FY23 219.10 28.20 0.18 247.48 In ₹ Cr 31 Continent Wise R

Market Growth Projection

The Indian heat exchanger tubes market is expected to grow from USD 856.4 million in 2024 to USD 1,428.4 million by 2033, at a CAGR of 5.6%. Renewable Energy

Investments

Rising investments in solar, wind, and biomass projects are driving demand for heat exchanger tubes, especially in CSP and geothermal systems where efficient energy transfer is critical. Technological

Advancements

Material and manufacturing innovations are enhancing tube performance and durability, meeting the growing need for efficient solutions in chemicals, petrochemicals, and renewable energy.

Government Initiatives

Government programs like SECI’s planned 500-MW concentrated solar-thermal project are boosting demand for advanced heat exchanger tubes, supporting renewable energy infrastructure growth. Source: imarc Investor Presentation 35 Financial Overview Key Financial Statement Total Income EBITDA EBITDA Margin% Net Profit Net Profit % 441.71 70.51 313.74 49.09 250.02 39.39 33.55 58.45 52.88 19.83 18.96 16.40 13.42 12.55 11.97 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 The FY23 figures are standalone, while the FY24 and FY25 figures are consolidated. Investor Presentation All Amount In ₹ Cr & Margins In % 37 Profit & Loss Statement Particulars Revenues Other Income Total Income Raw Material Employee costs Other expenses Total Expenditure EBITDA EBIDTA (%) Finance Costs Depreciation PBT Tax Net Profit Total Comprehensive Income For The Year Net Profit Margin (%) The FY23 figures are standalone, while the FY24 and FY25 figures are consolidated. Investor Presentation FY25 429.85 11.86 441.71 318