KRN Heat Exchanger And Refrigeration Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 96.0% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 26.3%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.8%
- Company has delivered good sales growth of 54.9% CAGR over last 5 years
- Working capital cycle has improved - days down from 187 to 104
- Company comfortably covers its interest (24.0x coverage)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.15x)
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 171.2% year on year
- Equity base is being diluted - shares outstanding up 41.3%
- Operating margins have contracted to 12.5% from 20.9%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 433.30 | 62.03 | 150877.81 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 988.35 | 91.60 | 48872.02 | 0.60 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3635.85 | 73.01 | 43323.44 | 0.55 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34159.35 | 54.80 | 30202.07 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 1008.70 | 71.30 | 22940.17 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2184.80 | 77.95 | 19864.74 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2804.70 | 130.33 | 18113.24 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 564.90 | 53.40 | 17958.08 | 0.75 | 511.00 | 693.48 | 4427.00 | 1092.30 | 35.95 | 11.59 |
| TEGA | 1680.15 | 597.41 | 12622.58 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 81.23 | 56.33 | 12599.09 | 0.31 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KRN | 1600.40 | 108.06 | 10475.98 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| KENNAMET | 4727.35 | 88.73 | 10389.88 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 71 | 66 | 82 | 97 | 99 | 104 | 131 | 114 | 223 | 136 | 202 | 182 | |
| 58 | 54 | 64 | 80 | 81 | 88 | 111 | 95 | 194 | 119 | 184 | 159 | |
| Operating Profit | 13 | 12 | 18 | 17 | 18 | 16 | 20 | 20 | 30 | 17 | 18 | 23 |
| OPM % | 18.94% | 17.90% | 21.83% | 17.50% | 17.75% | 15.53% | 15.47% | 17.30% | 13.25% | 12.76% | 8.90% | 12.43% |
| 1 | 1 | 2 | 1 | 2 | 3 | 1 | 3 | 4 | 5 | 3 | 2 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 12 | 11 | 18 | 16 | 17 | 18 | 20 | 21 | 32 | 20 | 19 | 25 |
| Tax % | 29.08% | 29.14% | 29.64% | 29.13% | 29.16% | 29.50% | 30.38% | 25.19% | 25.22% | 25.28% | 9.83% | 25.46% |
| Net Profit | 9 | 8 | 12 | 12 | 12 | 13 | 14 | 16 | 24 | 15 | 17 | 19 |
| 1.96 | 1.71 | 2.70 | 2.52 | 2.60 | 1.93 | 2.20 | 2.52 | 3.81 | 2.43 | 2.71 | 2.95 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| 76 | 156 | 247 | 308 | 431 | 676 | 744 | |
| 70 | 139 | 198 | 249 | 360 | 591 | 656 | |
| Operating Profit | 5 | 17 | 49 | 59 | 71 | 85 | 88 |
| OPM % | 7.16% | 10.85% | 19.93% | 19.12% | 16.47% | 12.54% | 11.78% |
| 1 | 2 | 2 | 5 | 7 | 14 | 14 | |
| Interest | 1 | 2 | 3 | 4 | 3 | 4 | 5 |
| Depreciation | 2 | 3 | 3 | 4 | 4 | 3 | 3 |
| Profit before Tax | 3 | 15 | 45 | 56 | 71 | 92 | 96 |
| Tax % | 27.50% | 29.24% | 28.98% | 29.27% | 29.57% | 22.08% | 22.28% |
| Net Profit | 2 | 11 | 32 | 40 | 50 | 71 | 74 |
| EPS | 5.60 | 24.07 | 7.34 | 8.64 | 8.07 | 11.47 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 55%
- 3 Years:
- 40%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 96%
- 3 Years:
- 30%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 84%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 40%
- 3 Years:
- 24%
- Last Year:
- 13%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 44 | 46 | 62 | 62 |
| 9 | 21 | 16 | 85 | 434 | 505 | |
| 16 | 21 | 36 | 56 | 32 | 90 | |
| Trade Payables | 21 | 40 | 49 | 36 | 53 | 59 |
| 2 | 6 | 4 | 7 | 8 | 6 | |
| Total Liabilities | 52 | 93 | 149 | 230 | 589 | 722 |
| 21 | 21 | 32 | 27 | 26 | 23 | |
| Capital Work in Progress | 0 | 0 | 0 | 1 | 0 | 0 |
| 0 | 0 | 0 | 5 | 251 | 351 | |
| 5 | 21 | 55 | 84 | 95 | 74 | |
| 0 | 0 | 0 | 52 | 93 | 189 | |
| Cash & Bank | 6 | 14 | 16 | 16 | 34 | 33 |
| 19 | 36 | 46 | 45 | 91 | 52 | |
| Total Assets | 52 | 93 | 149 | 230 | 589 | 722 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| -1 | 9 | 18 | -9 | 19 | 14 | |
| Cash from Investing | -13 | -3 | -14 | -1 | -272 | -95 |
| Cash from Financing | 9 | 3 | 11 | 14 | 244 | 83 |
| -5 | 5 | 2 | 3 | -9 | 1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-09-02 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-18 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Schedule of meet
2026-08-13 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Investor Presentation
2026-08-13 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange regarding a press release dated August 13, 2026, titled "Press Release".
2026-08-12 - MonitoringAgency appointed in respect of utilization of proceeds of the through Qualified InstitutionalPlacement ( QIP ) Issue of the Company
2026-08-12 - MonitoringAgency appointed in respect of utilization of proceeds of the Initial Public Offer (IPO) of theCompany.
News
Recent coverage and analyst commentary for KRN
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KRN Heat Exchanger And Refrigeration Ltd.
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