KRN Heat Exchanger and Refrigeration Ltd

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KRN Heat Exchan Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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KRN Heat Exchanger and Refrigeration Ltd

₹ 989 -2.22%
05 Nov - close price
krnheatexchanger.com BSE: 544263 NSE: KRN
About

KRN Heat Exchanger and Refrigeration (KHERL), manufactures fin and tube-type heat exchangers for the Heat Ventilation Air Conditioning, and Refrigeration Industry.[1]

Key Points

Business Profile[1] KRN Heat Exchangers designs, manufactures, and supplies heat exchangers and related thermal solutions. These products are used for efficient heat transfer between fluids, typically for heating and cooling applications.

Website BSE NSE
  • Market Cap ₹ 6,477 Cr.
  • Current Price ₹ 989
  • High / Low ₹ 1,687 / 590
  • Stock P/E 97.9
  • Book Value ₹ 144
  • Dividend Yield 0.00 %
  • ROCE 16.0 %
  • ROE 13.3 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 95.6% CAGR over last 5 years
  • Company's working capital requirements have reduced from 118 days to 86.4 days

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Debtor days have increased from 80.9 to 102 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Other Industrial Products

Part of BSE Industrials BSE 1000 Nifty Smallcap 500 Nifty Microcap 250 Nifty Total Market

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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 Sep 2026
71 66 82 97 99 104 131 114 223 136 202 182 167
58 54 64 80 81 88 111 95 194 119 184 157 147
Operating Profit 13 12 18 17 18 16 20 20 30 17 18 25 20
OPM % 19% 18% 22% 18% 18% 16% 15% 17% 13% 13% 9% 14% 12%
1 1 2 1 2 3 1 3 4 5 3 2 3
Interest 1 1 1 1 1 0 1 1 1 1 1 1 1
Depreciation 1 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 21
Tax % 29% 29% 30% 29% 29% 30% 30% 25% 25% 25% 10% 25% 25%
9 8 12 12 12 13 14 16 24 15 17 19 16
EPS in Rs 1.96 1.71 2.69 2.52 1.95 2.04 2.21 2.52 3.81 2.43 2.71 2.85 2.38
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
76 156 246 307 431 676 687
70 139 197 248 360 591 607
Operating Profit 5 17 49 59 71 85 80
OPM % 7% 11% 20% 19% 16% 13% 12%
1 2 2 5 7 14 13
Interest 1 2 3 4 3 4 5
Depreciation 2 3 3 4 4 3 3
Profit before tax 3 15 46 56 71 92 85
Tax % 27% 29% 29% 29% 30% 22%
2 11 32 40 50 71 66
EPS in Rs 0.56 2.41 7.34 8.64 8.07 11.47 10.37
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 55%
3 Years: 40%
TTM: 20%
Compounded Profit Growth
10 Years: %
5 Years: 96%
3 Years: 30%
TTM: 1%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 25%
Return on Equity
10 Years: %
5 Years: 20%
3 Years: 17%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 4 4 44 46 62 62 65
Reserves 9 21 16 85 434 505 877
17 22 37 60 33 91 72
23 45 53 39 60 65 91
Total Liabilities 52 93 149 230 590 723 1,106
21 21 32 27 26 23 24
CWIP 0 0 0 1 0 0 0
Investments 0 0 0 5 251 351 586
31 71 117 197 313 349 496
Total Assets 52 93 149 230 590 723 1,106

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-1 4 5 -9 19 14
-13 -3 -14 -1 -272 -95
9 3 11 14 244 83
Net Cash Flow -5 5 2 3 -9 1
Free Cash Flow -14 2 -9 -9 17 14
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit -10% 52% 37% 9% 56% 39%

Ratios

Standalone / View Consolidated

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 84 70 57 62 79 102
Inventory Days 33 63 114 139 108 49
Days Payable 129 120 102 59 60 39
Cash Conversion Cycle -11 14 69 142 127 112
Working Capital Days -17 3 42 108 159 86
ROCE % 42% 67% 42% 21% 16%

Insights

In beta
Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Mar 2027 (P) Mar 2028 (P)
Export Revenue Share (% of consolidated revenue)
%

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Plant I (Existing) Capacity Utilization - Evaporator & Condenser Coils
%
Plant I (Existing) Capacity Utilization - Headers / Copper Parts
%
Plant I (Existing) Capacity Utilization - Sheet Metal Parts
%
Plant II (New HVAC) Capacity Utilization - Ramp-up Trajectory
%
Bus AC Revenue (from Bus AC business / Sphere acquisition)
INR Cr
Data Centre Revenue Share (% of consolidated revenue)
%
Total Annual Production Capacity (units p.a.)
units p.a.

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
70.79% 70.79% 70.79% 70.79% 70.79% 70.79% 70.79% 65.69% 65.69%
4.05% 1.98% 1.21% 2.35% 5.46% 5.31% 6.66% 8.86% 8.98%
7.46% 8.18% 6.28% 6.06% 6.21% 6.35% 6.39% 8.33% 7.98%
17.69% 19.05% 21.72% 20.80% 17.53% 17.56% 16.16% 17.13% 17.35%
No. of Shareholders 87,55873,89885,30682,76975,24483,76683,71391,23497,166

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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