KRN Heat Exchanger and Refrigeration Limited has informed the stock exchanges of an upcoming investor meet, pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was filed on May 17, 2026, and signed by Jitendra Kumar Sharma, Company Secretary and Compliance Officer.

Investor Meet Schedule

The management of KRN Heat Exchanger and Refrigeration will be meeting investors as per the following schedule:

Key Notes

The company has highlighted the following important points regarding the investor meet:

• The date of the meeting is subject to change due to exigencies on the part of investors or the company.
• No unpublished price sensitive information will be shared during the meeting.

The aforesaid information is also being disclosed on the company's website at www.krnheatexchanger.com . The company is registered and operates from Plot No.: F-46,47,48,49, EPIP, RIICO Industrial Area, Neemrana – 301705 (RJ).

KRN Heat Exchanger and Refrigeration has charted a structured multi-phase expansion strategy, anchored by a ₹160 crore revenue target for Phase 2 in FY27. Alongside its domestic growth plans, the company is targeting 30% of revenue from exports by FY27, with a longer-term projection of 50% export contribution over the next three years. The company is simultaneously broadening its product scope to include full railway coach HVAC systems for passenger coaches, signalling a strategic move into the rail transportation segment.

Phase-Wise Growth Roadmap

The company's expansion is structured across clearly defined phases, building on an established operational foundation. The following table outlines the key milestones across each phase:

The company's Phase 1 track record of 500 buses forms the operational backbone for its current and future growth initiatives. Phase 2 in FY27 marks a significant scale-up, with production commencing across both conventional and electric bus categories.

Export Revenue Targets

KRN Heat Exchanger and Refrigeration has outlined an ambitious export growth strategy, targeting 30% of revenue from exports by FY27. Over a longer horizon, the company projects exports to account for 50% of revenue over the next three years. This export push reflects the company's intent to diversify its revenue base beyond the domestic market and establish a stronger international presence in the thermal management and HVAC segment.

Expansion Into Railway Coach HVAC Systems

Beyond the bus segment, KRN Heat Exchanger and Refrigeration is expanding into full railway coach HVAC systems for passenger coaches. This diversification represents a new vertical for the company, extending its thermal management expertise from road transportation into the rail sector. The move into railway HVAC aligns with the company's broader strategy of addressing multiple segments within the transportation industry, further widening its addressable market.

Phase 2 Production Scope

During Phase 2, the company has initiated production covering the full range of conventional and electric buses. This dual-technology approach positions KRN Heat Exchanger and Refrigeration to serve both traditional bus operators and the growing electric vehicle segment within public transportation. The ₹160 crore revenue goal for FY27 reflects the scale of production activity planned under Phase 2, encompassing the expanded bus product range alongside the company's ongoing operations.

Looking Ahead to Phase 3

With Phase 3 earmarked for FY28, the company's roadmap extends well beyond its current fiscal commitments. The sequential phasing—from 500 buses in Phase 1, through the ₹160 crore revenue milestone in Phase 2, and into Phase 3 in FY28—reflects a structured approach to capacity and revenue scaling across its transportation HVAC business.