Yadav, I know you don't give guidance, but if I do a rough math of around INR1800 crore revenue potential from the new capacity, which leads to around INR350 crore revenue from the new facility in FY '26 itself.

Just one question, you mentioned that you will be able to achieve capacity utilization of 20% in FY '26 and the maximum revenue peak revenue from this new capacity will be around INR2,000 crores.

Santosh Kumar Yadav: So, still like paper is not in front of me, but roughly you can say I think maybe Rs.30 crores to Rs.40 crores will be there.

4.82 concrete references per 100 words spoken — counts, currency, units and named periods, not adjectives

Chart exhibits

as drawn · not updated since

Swing — KRN — IN Analytics · Swing2 Aug 2026

Coverage

SectorCapital Goods

Documents2

First coveredMar 2026

Latest4 Mar 2026

What we hold

Management guidance held
Forward scenario held
Pace vs guidance not held
Outlook statements held
Channel chatter held
Chart exhibits held

Street chatter

unverified · logged from public channels

6 mentions across 4 channels · corroborated 8× · last seen 2 Aug

☀️ KRN Heat Exchanger | Concall Summary

✅ Massive scale-up phase underway

New HVAC manufacturing plant commissioned in FY26.

Peak revenue potential:

🔥 ₹2,250–2,850 Cr

(~5–6x current scale)

Management expects:

~50% utilization in FY27

~80% utilization in FY28

✅ Data center cooling becoming a major growth engine

Q4 data-ce

Guidance24 May 08:52Niveyshak नवशक

KRN HEAT EXCHANGER: Invests ₹235.26 crore in wholly-owned subsidiary for HVAC expansion.

Capacity / capex09 Jun 13:29Beat The Street News Latest Share Market News

KRN HEAT EXCHANGER: Bags ₹55 Cr export order for heat exchanger coils.

Order win07 Apr 13:29Beat The Street News Latest Share Market News

NTPC Green: Khavda solar capacity commissioned.

Krsnaa Diagnostics: Himachal PPP agreement.

KRN Heat Exchanger: ₹50.87 crore order.

Waaree Energies: International module order.

Saatvik Green: ₹138 crore module order.

HG Infra: Stake transfer completed.

South Indian Bank: Kotak MF stake above 5%.

Order win24 Jul 03:14The Dalal Street - Stock Market News Research

For information & education only — not investment advice. Full disclaimer below.

If management delivers what it guided

arithmetic on filed guidance and past valuations · not a price target

KRN

FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹1,174 today

BEAR

₹322

-73%

47.7% a year · 17.7x exit

BASE

₹633

-46%

82.5% a year · 28.2x exit

BULL

₹1,590

+35%

112.2% a year · 61x exit

Where the market has priced it

7x96x today — outside the range95x

management named no year; shown one year out

the guided figure reached earnings through a low-confidence bridge
this company has too little filed history for a multiple band of its own, so the exit multiple is the median of 31 Industrial Machinery peers
at 96x its FY26 earnings the stock already trades above the top of its own ten-year range (61x)
the range is unusually wide — read it as the span of management's own claim, not as a forecast

How these numbers are produced

Earnings base	FY26 TTM EPS ₹12.29 (universe (TradingView, diluted TTM))
Guided growth	82.5% a year, said on the call of 20-May-2026 · transcript
Read across as	operating: unlabelled growth figure, read as revenue — low confidence
Delivery calibration	0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings
Exit multiple	17.71x / 28.23x / 61x, this company’s own p20 / median / p80 across 31 filed years
Filed-industry peers	median 28.23x across 31 peers — the cross-check, not the input
Arithmetic	base EPS × (1 + guided growth × delivery)¹ × exit multiple

Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.

How to read this

It answers one question. If this management delivers the growth it told its own investors it would, and the market pays what it has historically paid for this company's earnings, where does the arithmetic land? Nothing here is a forecast of the share price.
Three cases, two moving parts. Bear, base and bull vary the delivery — what fraction of guidance managements actually file — and the exit multiple together, because a company that misses its guidance is usually de-rated for missing it. Each case shows the growth rate and the multiple that produced it.
Read the width, not just the middle. A wide gap between bear and bull means the inputs are uncertain, not that the upside is bigger. A narrow range is a more confident statement than a high one.
“Where the market has priced it” puts today's P/E on the company's own historical range. Sitting far below that range is why a scenario can look enormous: the number is then mostly about re-rating, not about delivery, and the board marks those separately.
The bullets underneath are the caveats — a borrowed peer multiple, a thin filed history, an earnings base that carried a one-off. They are the reasons to trust the number less, listed rather than buried.

Not a price target, not a recommendation, and not a forecast of what the stock will do. The field guide covers the method.

Price chart

260 sessions to 31 Jul 2026 · daily close · our own broker data

14 Jul 2025 → 31 Jul 2026 low ₹598.1 · high ₹1329.2 · last ₹1174.4 · 33.0% over the window close 50-DMA 200-DMA