KRN Heat Exchanger And Refrigeration Ltd.

•

krnheatexchanger.comBSE: 544263NSE: KRN

Market Cap₹ 10,476 Cr.

Current Price

High / Low₹ 1,687 / 590

Stock P/E141.0

Book Value₹ 143

Price to Book9.34

Dividend Yield0.00 %

ROCE16.1 %

ROE13.4 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

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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

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	BHEL	433.30	62.03	150877.81	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	988.35	91.60	48872.02	0.60	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3635.85	73.01	43323.44	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34159.35	54.80	30202.07	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1008.70	71.30	22940.17	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2184.80	77.95	19864.74	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2804.70	130.33	18113.24	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	564.90	53.40	17958.08	0.75	511.00	693.48	4427.00	1092.30	35.95	11.59
9.	TEGA	1680.15	597.41	12622.58	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	81.23	56.33	12599.09	0.31	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KRN	1600.40	108.06	10475.98	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	KENNAMET	4727.35	88.73	10389.88	0.00	31.50	11.31	267.30	12.55	18.99	17.51

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.79	70.79	70.79	70.79	70.79	70.79	70.79	65.69
	4.05	1.98	1.21	2.35	5.46	5.31	6.66	8.86
	7.36	8.18	6.28	6.06	6.21	6.35	6.39	8.33
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	17.80	19.05	21.72	20.80	17.54	17.55	16.16	17.12

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Copy of Newspaper Publication

2026-09-03 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Shareholders meeting

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

Copy of Newspaper Publication

2026-09-02 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Schedule of meet

2026-08-13

Investor Presentation

2026-08-13 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Investor Presentation

2026-08-13

Copy of Newspaper Publication

2026-08-13 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Press Release

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

Monitoring Agency Report

2026-08-12 - MonitoringAgency appointed in respect of utilization of proceeds of the through Qualified InstitutionalPlacement ( QIP ) Issue of the Company

2026-08-12

Monitoring Agency Report

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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Free 5nance Account

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

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

104

131

114

223

136

202

182

111

194

119

184

159

Operating Profit

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%

Interest

Depreciation

Profit before Tax

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

1.96

1.71

2.70

2.52

2.60

1.93

2.20

2.52

3.81

2.43

2.71

2.95

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

156

247

308

431

676

744

139

198

249

360

591

656

Operating Profit

OPM %

7.16%

10.85%

19.93%

19.12%

16.47%

12.54%

11.78%

Interest

Depreciation

Profit before Tax

Tax %

27.50%

29.24%

28.98%

29.27%

29.57%

22.08%

22.28%

Net Profit

EPS

5.60

24.07

7.34

8.64

8.07

11.47

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

434

505

Trade Payables

Total Liabilities

149

230

589

722

Capital Work in Progress

251

351

189

Cash & Bank

Total Assets

149

230

589

722

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

-9

Cash from Investing

-13

-3

-14

-1

-272

-95

Cash from Financing

244

-5

-9

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

70.79

65.69

4.05

1.98

1.21

2.35

5.46

5.31

6.66

8.86

7.36

8.18

6.28

6.06

6.21

6.35

6.39

8.33

Government

0.00

17.80

19.05

21.72

20.80

17.54

17.55

16.16

17.12

KRN Heat Exchanger And Refrigeration Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

KRN Heat Exchanger And Refrigeration Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI