KRN Heat Exchanger And Refrigeration Ltd.

•

₹ 1,482.1-2.38%

2026-08-21

krnheatexchanger.comBSE: 544263NSE: KRN

Market Cap₹ 9,836 Cr.

Current Price₹ 1,518

High / Low₹ 1,598 / 590

Stock P/E101.5

Book Value₹ 146

Price to Book10.85

Dividend Yield0.00 %

ROCE21.2 %

ROE16.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Company is almost debt free
Latest quarter profit grew 164.8% YoY, showing strong momentum
Company comfortably covers its interest (22.8x coverage)
Institutional investors have been accumulating - FII+DII up 8.8pp

CONS

Receivables are growing faster than sales - a possible quality concern
Working capital days have increased from 80 to 281 days
Stock is trading at 10.8x its book value
Rich enterprise valuation - EV/EBITDA of 64.3x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	BHEL	418.50	59.91	145724.35	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	THERMAX	4024.55	80.82	47955.05	0.50	21.79	-85.61	2302.73	7.09	15.85	2.98
3.	INDOMIM	966.60	89.58	47796.52	0.61	2401.22	—	12187.42	—	24.48	33.36
4.	KIRLOSENG	2081.95	55.47	30296.51	0.34	111.06	-20.05	1999.53	13.36	14.46	15.02
5.	JYOTICNC	951.90	67.29	21648.40	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	AZAD	2827.20	131.38	18258.55	0.00	35.16	19.46	172.60	25.90	12.28	37.29
7.	TRITURBINE	569.95	53.88	18118.62	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
8.	INOXINDIA	1932.55	68.83	17540.50	0.10	580.72	850.16	3707.90	991.77	33.54	20.46
9.	LLOYDSENGG	92.99	64.48	14423.11	0.27	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1724.35	613.12	12954.64	0.12	-108.25	-406.36	1723.44	383.99	18.56	3.27
11.	KRN	1502.65	101.46	9836.12	0.00	32.90	164.84	252.32	118.87	21.21	19.44
12.	ELECON	428.75	40.76	9621.15	0.47	70.35	-59.90	520.56	6.11	22.27	20.96

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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	96	91	111	132	115	152	153	179	252
	58	54	64	78	73	96	113	98	122	122	146	213
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	1	1	2	1	1	5	4	4	2	2	2	3
Interest	1	1	1	1	1	0	1	1	1	2	3	3
Depreciation	1	1	1	1	1	1	1	2	5	6	6	6
	12	11	17	17	17	19	21	18	27	26	27	42
Tax %	29.08%	29.16%	30.35%	28.58%	28.84%	28.27%	29.59%	32.09%	33.11%	12.41%	13.00%	22.29%
Net Profit	0	0	0	0	12	14	15	12	18	23	23	33
	2	2	3	3	3	2	2	2	3	4	4	1
Equity Capital	44	46	46	46	62	62	62	62	62	62	62	65
Reserves	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	44	46	46	46	62	62	62	62	62	62	62	65
Reserves	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Sep 2023

: 71
: 58
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 1
Depreciation: 1
: 12
Tax %: 29.08%
Net Profit: 0
: 2
Equity Capital: 44
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 44
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 66
: 54
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 1
Depreciation: 1
: 11
Tax %: 29.16%
Net Profit: 0
: 2
Equity Capital: 46
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 46
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 82
: 64
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 1
Depreciation: 1
: 17
Tax %: 30.35%
Net Profit: 0
: 3
Equity Capital: 46
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 46
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 96
: 78
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 1
Depreciation: 1
: 17
Tax %: 28.58%
Net Profit: 0
: 3
Equity Capital: 46
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 46
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 91
: 73
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 1
Depreciation: 1
: 17
Tax %: 28.84%
Net Profit: 12
: 3
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 111
: 96
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 0
Depreciation: 1
: 19
Tax %: 28.27%
Net Profit: 14
: 2
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 132
: 113
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 1
: 21
Tax %: 29.59%
Net Profit: 15
: 2
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 115
: 98
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 2
: 18
Tax %: 32.09%
Net Profit: 12
: 2
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 152
: 122
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 1
Depreciation: 5
: 27
Tax %: 33.11%
Net Profit: 18
: 3
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 153
: 122
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 2
Depreciation: 6
: 26
Tax %: 12.41%
Net Profit: 23
: 4
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 179
: 146
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 3
Depreciation: 6
: 27
Tax %: 13.00%
Net Profit: 23
: 4
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 62
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 252
: 213
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 3
Depreciation: 6
: 42
Tax %: 22.29%
Net Profit: 33
: 1
Equity Capital: 65
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 65
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025	TTM
	308	430	737
	250	359	603
Operating Profit	64	82	—
OPM %	21	19	—
Other Income	5	12	9
Interest	4	3	8
Depreciation	4	5	23
	56	74	122
Tax %	30	29	21
Net Profit	39	53	97
EPS	9	9	—
Dividend Payout %	0	0	—
Minority Interest	0	0	0
Share of Associates	0	0	0
Adjusted EPS	9	9	—
Minority Interest	0	0	0
Share of Associates	0	0	0
Adjusted EPS	9	9	—

Mar 2024

: 308
: 250
Operating Profit: 64
OPM %: 21
Other Income: 5
Interest: 4
Depreciation: 4
: 56
Tax %: 30
Net Profit: 39
EPS: 9
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

Mar 2025

: 430
: 359
Operating Profit: 82
OPM %: 19
Other Income: 12
Interest: 3
Depreciation: 5
: 74
Tax %: 29
Net Profit: 53
EPS: 9
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

TTM

: 737
: 603
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 8
Depreciation: 23
: 122
Tax %: 21
Net Profit: 97
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 69%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: —
Last Year:: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025
LIABILITIES	-	-
Equity Capital	46	62
	84	436
	59	31
Trade Payables	37	55
	31	10
Total Liabilities	257	595
ASSETS	-	-
	82	85
Capital Work in Progress	4	82
	84	96
	52	93
Cash & Bank	16	151
	18	87
Total Assets	257	595
Total Debt	71	33
Net Working Capital	68	331
Contingent Liabilities	22	72
Book Value per Share	28.24	80.22
Face Value	10.00	10.00
Total Debt	71	33
Net Working Capital	68	331
Contingent Liabilities	22	72
Book Value per Share	28.24	80.22
Face Value	10.00	10.00

Mar 2024

Equity Capital: 46
: 84
: 59
Trade Payables: 37
: 31
Total Liabilities: 257
: 82
Capital Work in Progress: 4
: 84
: 52
Cash & Bank: 16
: 18
Total Assets: 257
Total Debt: 71
Net Working Capital: 68
Contingent Liabilities: 22
Book Value per Share: 28.24
Face Value: 10.00
Total Debt: 71
Net Working Capital: 68
Contingent Liabilities: 22
Book Value per Share: 28.24
Face Value: 10.00

Mar 2025

Equity Capital: 62
: 436
: 31
Trade Payables: 55
: 10
Total Liabilities: 595
: 85
Capital Work in Progress: 82
: 96
: 93
Cash & Bank: 151
: 87
Total Assets: 595
Total Debt: 33
Net Working Capital: 331
Contingent Liabilities: 72
Book Value per Share: 80.22
Face Value: 10.00
Total Debt: 33
Net Working Capital: 331
Contingent Liabilities: 72
Book Value per Share: 80.22
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025
	17	21
Cash from Investing	-64	-279
Cash from Financing	50	258
	3	-0
Free Cash Flow	17	-65
OCF / Net Profit	0.43	0.41
Cumulative 5-Year FCF	0	0
OCF / Net Profit	0.43	0.41
Cumulative 5-Year FCF	0	0

Mar 2024

: 17
Cash from Investing: -64
Cash from Financing: 50
: 3
Free Cash Flow: 17
OCF / Net Profit: 0.43
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.43
Cumulative 5-Year FCF: 0

Mar 2025

: 21
Cash from Investing: -279
Cash from Financing: 258
: -0
Free Cash Flow: -65
OCF / Net Profit: 0.41
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.41
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025
PER SHARE	-	-
EPS (₹)	8.54	8.51
Book Value (₹)	28.24	80.22
Dividend per Share (₹)	0.00	0.00
Cash EPS (₹)	9.40	9.25
PROFITABILITY	-	-
Operating Margin %	18.96%	16.40%
Net Margin %	12.78%	12.30%
ROE %	30.23%	16.81%
ROCE %	29.83%	21.21%
	15.30%	12.41%
EFFICIENCY	-	-
Debtor Days	62	62
Inventory Days	100	77
Payable Days	60	53
	102	86
FINANCIAL HEALTH	-	-
Debt to Equity (x)	0.54x	0.07x
Interest Coverage (x)	15.03x	22.78x
	1.66x	4.52x
GROWTH	-	-
Revenue Growth %	0.00%	39.43%
Operating Profit Growth %	0.00%	28.88%
Net Profit Growth %	0.00%	34.24%
	0.00%	-0.36%
VALUATION	-	-
P/E (x)	0.00x	102.32x
P/B (x)	0.00x	10.85x
Dividend Yield %	0.00%	0.00%
	1.58x	64.25x

Mar 2024

EPS (₹): 8.54
Book Value (₹): 28.24
Dividend per Share (₹): 0.00
Cash EPS (₹): 9.40
Operating Margin %: 18.96%
Net Margin %: 12.78%
ROE %: 30.23%
ROCE %: 29.83%
: 15.30%
Debtor Days: 62
Inventory Days: 100
Payable Days: 60
: 102
Debt to Equity (x): 0.54x
Interest Coverage (x): 15.03x
: 1.66x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 1.58x

Mar 2025

EPS (₹): 8.51
Book Value (₹): 80.22
Dividend per Share (₹): 0.00
Cash EPS (₹): 9.25
Operating Margin %: 16.40%
Net Margin %: 12.30%
ROE %: 16.81%
ROCE %: 21.21%
: 12.41%
Debtor Days: 62
Inventory Days: 77
Payable Days: 53
: 86
Debt to Equity (x): 0.07x
Interest Coverage (x): 22.78x
: 4.52x
Revenue Growth %: 39.43%
Operating Profit Growth %: 28.88%
Net Profit Growth %: 34.24%
: -0.36%
P/E (x): 102.32x
P/B (x): 10.85x
Dividend Yield %: 0.00%
: 64.25x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Sep 2024

: 70.79
: 4.05
: 7.36
Government: 0.00
: 17.80

Dec 2024

: 70.79
: 1.98
: 8.18
Government: 0.00
: 19.05

Mar 2025

: 70.79
: 1.21
: 6.28
Government: 0.00
: 21.72

Jun 2025

: 70.79
: 2.35
: 6.06
Government: 0.00
: 20.80

Sep 2025

: 70.79
: 5.46
: 6.21
Government: 0.00
: 17.54

Dec 2025

: 70.79
: 5.31
: 6.35
Government: 0.00
: 17.55

Mar 2026

: 70.79
: 6.66
: 6.39
Government: 0.00
: 16.16

Jun 2026

: 65.69
: 8.86
: 8.33
Government: 0.00
: 17.12

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-18 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Schedule of meet
Investor Presentation
2026-08-13 - KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about Investor Presentation

Annual Reports

Annual Report FY2025
2025

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
TranscriptPPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC