KRN Heat Exchanger and Refrigeration Ltd
KRN Heat Exchanger and Refrigeration (KHERL), manufactures fin and tube-type heat exchangers for the Heat Ventilation Air Conditioning, and Refrigeration Industry.[1]
- Market Cap ₹ 5,177 Cr.
- Current Price ₹ 832
- High / Low ₹ 1,012 / 416
- Stock P/E 97.1
- Book Value ₹ 80.2
- Dividend Yield 0.00 %
- ROCE 20.8 %
- ROE 16.8 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
Cons
- Stock is trading at 10.4 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 107 days to 153 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|
307 | 430 | 449 | |
249 | 359 | 379 | |
Operating Profit | 59 | 70 | 70 |
OPM % | 19% | 16% | 16% |
5 | 12 | 14 | |
Interest | 4 | 3 | 3 |
Depreciation | 4 | 5 | 6 |
Profit before tax | 56 | 74 | 76 |
Tax % | 30% | 29% | |
39 | 53 | 53 | |
EPS in Rs | 8.54 | 8.51 | 8.58 |
Dividend Payout % | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
TTM: | 43% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
TTM: | 32% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | 84% |
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 | |
---|---|---|
Equity Capital | 46 | 62 |
Reserves | 84 | 436 |
87 | 33 | |
40 | 63 | |
Total Liabilities | 257 | 595 |
82 | 85 | |
CWIP | 4 | 82 |
Investments | 0 | 0 |
171 | 428 | |
Total Assets | 257 | 595 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2024 | Mar 2025 | |
---|---|---|
17 | 21 | |
-64 | -279 | |
50 | 258 | |
Net Cash Flow | 3 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2024 | Mar 2025 | |
---|---|---|
Debtor Days | 62 | 79 |
Inventory Days | 139 | 110 |
Days Payable | 60 | 63 |
Cash Conversion Cycle | 141 | 125 |
Working Capital Days | 62 | 153 |
ROCE % | 21% |
Documents
Announcements
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Intimation Of Commencement Of Commercial Production Of Bus AC Division By KRN HVAC Products Pvt. Ltd., Wholly-Owned Subsidiary Of The Company
2d - KRN HVAC Products Pvt. Ltd. started Bus AC Division commercial production at Neemrana plant on October 15, 2025.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
9 Oct - Reg.74(5) certificate confirming dematerialisation processing for quarter ended 30 Sept 2025; no Demat/Remat requests.
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Announcement under Regulation 30 (LODR)-Credit Rating
8 Oct - Crisil assigned A-/Stable to Rs20 crore bank facilities (Citibank Rs14cr, HDFC Rs6cr) dated Oct 1, 2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
6 Oct - KRN HVAC (subsidiary) acquires Sphere Refrigeration's Bus AC division via BTA, announced 6 Oct 2025.
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Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
6 Oct - KRN HVAC to acquire Bus Air-Conditioning division from Sphere Refrigeration Systems via BTA signed 6 Oct 2025.
Annual reports
Concalls
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Aug 2025Transcript PPT
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May 2025Transcript PPT REC
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May 2025TranscriptNotesPPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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.