KRN export share rises as UAE concentration eases in FY26

KRN Heat Exchanger and Refrigeration Limited increased export sales to 16.57% of revenue in FY26 from 14.68% in FY24, while the United Arab Emirates accounted for 37.94% of exports versus 57.17%. KRN’s FY26 mix shows lower UAE concentration and a larger role for the USA and Canada, but it does not disclose a 22% H1 FY27 figure.

What was KRN’s export share of revenue in FY26?

KRN’s export sales represented 16.57% of revenue in FY26, while domestic sales represented 83.43%. The export proportion was 0.88 percentage points above FY25’s 15.69% and 1.89 percentage points above FY24’s 14.68%.

The domestic proportion moved in the opposite direction, declining from 85.26% in FY24 to 84.31% in FY25 and 83.43% in FY26. This comparison shows that exports gained share within KRN’s reported revenue mix over the two fiscal years, although domestic sales remained more than four-fifths of FY26 revenue.

KRN does not disclose export revenue in rupees, total revenue, or domestic and export growth rates for FY24, FY25 or FY26. The reported percentages establish a changing sales mix rather than the absolute value of export sales in each fiscal year.

How did KRN’s export mix change from FY24 to FY26?

KRN’s largest disclosed export market, the United Arab Emirates, declined to 37.94% of FY26 export sales from 57.17% in FY24, a reduction of 19.23 percentage points. The United Arab Emirates was also below its 51.70% share in FY25, when it still represented more than half of KRN’s reported exports.

The USA moved from 23.51% of export sales in FY24 to 1.27% in FY25 and then 31.10% in FY26. Canada was not separately listed among FY24 markets, accounted for 20.32% in FY25, and represented 6.98% in FY26. The USA and Canada together accounted for 38.08% of FY26 exports, slightly above the United Arab Emirates’ 37.94% share.

Italy remained a material destination, but its stated share eased from 15.94% in FY24 to 13.40% in FY25 and 13.29% in FY26. France rose from 0.01% in FY24 to 4.85% in FY26, while it was not separately listed in FY25; Italy and France together represented 18.14% of FY26 exports, compared with 15.95% in FY24.

Which export destinations led KRN in FY26?

KRN’s leading FY26 export destinations were the United Arab Emirates at 37.94%, the USA at 31.10%, Italy at 13.29%, Canada at 6.98% and France at 4.85%. Together, these five named markets accounted for 94.16% of FY26 export sales, based on the disclosed country shares.

Sri Lanka contributed 4.06% of FY26 export sales, Vietnam accounted for 1.13%, and markets grouped as Others represented 0.65%. The FY26 table identifies eight categories including Others, compared with seven categories in FY25 and seven in FY24. American Samoa, which represented 12.84% in FY25, does not appear as a separately named FY26 market.

KRN’s global-presence list includes 19 countries or territories, including the United Kingdom, Germany, Ireland, Sweden, Belgium, the Netherlands, Brazil, Croatia, Bolivia and China. That list is broader than the FY26 export-sales table, so presence in a listed location does not establish a separately reported FY26 sales contribution; the United Kingdom, for example, has no stated FY26 export share.

Does KRN report a 22% export share for H1 FY27?

No, KRN does not report a 22% export share of H1 FY27 revenue in the disclosed data. The document is labelled Q2 and H1 FY27, but its revenue-mix chart presents FY24, FY25 and FY26 only, with FY26 export sales at 16.57% of revenue.

KRN also does not provide H1 FY27 domestic sales, H1 FY27 export sales, or a market-by-market export table for H1 FY27. The available figures therefore support an FY24-to-FY26 analysis of export mix but cannot substantiate a statement that exports reached 22% of H1 FY27 revenue.

KRN’s product disclosures cover fin-and-tube products, including condenser coils, chilled-water coils, fluid-and-steam coils and heating coils, as well as bar-and-plate products such as charge-air coolers, radiators, oil coolers and transformer oil coolers. KRN does not assign FY26 export revenue to these product categories, customers or individual markets beyond the country-share table.

Conclusion

KRN’s FY26 disclosures show two connected changes: export sales increased to 16.57% of total revenue from 14.68% in FY24, while the United Arab Emirates’ portion of exports fell to 37.94% from 57.17%. The USA’s 31.10% share, alongside Canada at 6.98%, Italy at 13.29% and France at 4.85%, shows that KRN’s reported export base had a different geographic composition by FY26.

What to watch next is whether KRN provides an H1 FY27 revenue mix or an updated market table, because it has not disclosed an interim export percentage, absolute export-sales figure or export target. Such data would show whether the FY26 shift, including the 38.08% combined share of the USA and Canada, continued into FY27.